Top global oil producers plan to cut production with 20 million barrels a day under the terms of a deal to boost prices, US President Donald Trump said on Monday. Trump's tweet came after OPEC producers and their allies agreed on Sunday to cut production by 9.7m barrels per day, which some analysts feared would not be enough to stem the damage from the combination of plunging demand amid the coronavirus pandemic and a price war between Russia and Saudi Arabia.

OPEC, Russia and other oil-producing nations on Sunday finalised an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record of about 10% of global supply to support oil prices amid the coronavirus pandemic. The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, after four days of marathon talks.

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump's mediation efforts to end a standoff with Mexico. The final G20 communique appeared to gloss over simmering divisions over energy policy, making no mention of output cuts and pledging simply to ensure oil "market stability" amid the coronavirus pandemic.

OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. But the group, known as OPEC+, said a final agreement was dependent on Mexico signing up to the pact after it balked at the production cuts it was asked to make. Discussions among top global energy ministers will resume on Friday.

Saudi Arabia and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian oil negotiator said on Monday, but details such as how to share out production curbs remained unclear ahead of talks planned for later this week.

Oil prices skyrocketed on Thursday after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude’s massive plunge. He said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.

China has increased US crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.

President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia. The leaders, who also talked about the spread of the coronavirus, agreed to discussions on oil between energy officials in the two countries, according to the Kremlin. The White House had no immediate comment and didn’t release a summary of the call.

The first oil refinery shutdowns in India and Europe were announced on Friday while global refinery runs drop like a stone in response to plunging demand as countries worldwide implement lockdowns.