Vienna (dpa) - The Organization of the Petroleum Exporting Countries (OPEC) announced on Friday that a webinar meeting between global energy ministers had resulted in an agreement of all allies except Mexico to reduce oil production to stabilize the market.

In a meeting that stretched late into Thursday evening, members of the OPEC+ cartel outlined a plan to cut production by 10 million barrels per day. This would correspond to around 10 per cent of global production.

The deal "was agreed by all the OPEC and non-OPEC oil producing countries participating in the Declaration of Cooperation, with the exception of Mexico, and as a result, the agreement is conditional on the consent of Mexico," the oil cartel said in a statement.

The reduction is planned to start on May 1 for an initial two-month period. After that, the daily production volume would be gradually adjusted until the end of April 2022.

Many members of the OPEC+ cartel, an expanded format of OPEC that includes Russia, have economies dependent on oil prices.

A price dispute between Russia and Saudi Arabia has drastically driven down oil prices globally. On top of that, a slowdown prompted by the coronavirus pandemic has reduced demand.

OPEC General Secretary Mohammed Barkindo said in his opening speech on Thursday that the organization expects demand for crude oil to decrease by 6.8 million barrels a day in 2020.

According to Barkindo, the decline in the second quarter could even expand to around 12 million barrels.

Russia would reduce its oil output by 1.8 million barrels per day if the deal currently being considered by the OPEC+ cartel is approved, the Russian news agency Interfax reported on Friday.

Russia would be set to produce 8.5 million barrels per day next month, down from 11.3 million this month, the report said, citing a communique from Thursday's OPEC+ meeting.

Russian state news agency TASS reported on Friday morning that as the deal still needed to be approved by only one country, Mexico, the other agreeing countries were poised to go through with it anyway.

"The deal is preserved, but the agreement is now conditional. I think we will try to win Mexico's consent during the G20 talks on Friday," an undisclosed source with knowledge of the negotiations said in comments carried by TASS.