Oil cartel Opec is understood to have agreed a production cut of 1.5 million barrels per day (bpd) to shore up crude prices in the face of coronavirus, according to industry sources.
The officials plan to hold talks with non-OPEC countries on Friday.
OPEC countries such as Saudi Arabia and Iran say they need non-member allies to take 500,000 barrels of that cut on themselves.
The last time OPEC reduced supplies on such a scale was in 2008 when it cut production by a total of 4.2 million bpd to address slower demand because of the global financial crisis. IHS Markit also said this week that oil demand will likely be lower than in 2019 - even if H2 2020 sees a recovery.
Brent has lost nearly a third of its value this year, tumbling to $47 a barrel, putting oil-dependent nations under heavy strain and putting many US shale and other energy companies in severe distress.
An OPEC+ delegate said there were "positive signs" after a separate, earlier OPEC+ meeting had finished.
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Should OPEC and its allies fail to reach an agreement to bolster the market, Saudi Arabia has more to lose than Russian Federation as it needs higher oil prices to fund its budget.
In December Opec agreed to slash oil production by around 1.7 million barrels per day to bolster the price, with Saudi Arabia choosing to curb its output by a further 400,000 barrels per day for three months.
"OPEC+ have little choice but to cut output substantially given the virus related demand losses", Ross said, adding that he expected Russian Federation "will join because it is overwhelmingly in their economic interests".
But so far OPEC, has failed to convince Moscow to get onboard with the deep cuts, a source told Interfax news agency.
"If this results in OPEC not going through with their own proposed 1 million bpd cuts in Q2, the result. could be devastating".
Brent has lost about a third of its value this year, tumbling towards US$45 a barrel, its lowest since 2017, putting oil-dependent nations and many oil firms under heavy strain as the global economy reels due to the virus outbreak, which has dampened business activity and stopped people travelling.
Meanwhile, ANZ said that global oil consumption could fall by 1.6 million bpd in the first half of 2020 and contract by about 300,000 bpd for the full year.