There must be agreement on specific figures for oil production before a future meeting of OPEC and parties outside the cartel (the so-called OPEC+ format), according to the Iranian Oil Minister Bijan Namdar Zangeneh.

“The US and Canada should join in cutting production”, said Bijan Namdar Zangeneh, noting that he had spoken with line ministers from Algeria, Russia, and Kuwait to stabilize the oil market. “Before any meeting between OPEC and non-OPEC members, there must be an agreement on production figures for each country that will reduce yields”, added the Iranian minister.

OPEC and its allies are expected to speak in a video conference on April 9. The cartel stressed that a deal would not be reached if the United States did not get involved in the talks on shrinkage.

The discussion will be followed on Friday by talks between the G20 energy ministers who will hold a video conference to discuss the deal. The interview is scheduled to last about 2 hours, according to a diplomat who will attend the meeting.

Crude oil prices have fallen by about 50% this year as the economic effects of the pandemic have wiped out about one-third of global demand. The collapse in prices is so dramatic that it threatens the stability of oil-dependent countries, the existence of US shale producers and poses an additional challenge for central banks around the world. Industry officials say that if a deal to cut supplies is not reached, the market will simply force producers to cut production as storage space runs out.