Russia agreed to make up half of the non-OPEC reduction.
The ministers said they expected to reach a consensus on the 500,000-barrel-a-day total reduction OPEC wants from non-OPEC producers "in the next few days".
Prices have collapsed before, and not so long ago: in 1998, oil fell to $10 a barrel after an untimely increase in OPEC production and a reduction in demand from Asia, which was suffering through a financial crash.
Subsequently, oil prices have been slowly shored up above $50 per barrel because OPEC and non-OPEC producers reached an agreement on production reductions for the first time in November 30 and December 8 , 2016 respectively.
Many industry observers believe Opec could agree a reduction in output at its summit on March 23.
The record cut would bring a total reduction in Opec supply to 4m barrels a day, nearly a 5% cut in world oil supplies.
Now the 14 members – soon to be reduced to 13 as Indonesia sits out for a while – have agreed that 1.2m barrels a day will be removed, a reduction in Opec's volumes of about 4.5%.
Demand destruction continues to trump significant OPEC production cuts including a 2.2 million barrel-a-day reduction announced on Tuesday–and supply disruptions due to geopolitical tensions.
Similar increases have come from Kuwait and Iraq, even while total OPEC and non-OPEC imports declined.
Fig. 5 Trend of World Oil Production by OPEC and Non-OPEC.
The production gap between OPEC and non-OPEC's total oil production is less than 5%.
