US President Donald Trump said he expected Russia and Saudi Arabia to announce supply cuts of up to 15 million barrels.
Mr Trump said on Twitter that he had talks by phone with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.
In a tweet on Thursday, he said he had just spoken to Prince Mohammed.
"I expect and hope that they will be cutting back approximately 10 million barrels, and maybe substantially more which, if it happens, will be great for the oil & gas industry,” Mr Trump said.
He later said the cuts could be as much as 15 million barrels.
Full details on when the cuts will happen are yet to be revealed.
Oil prices jumped after the announcement. West Texas Intermediate was up 24.86 per cent to trade at $25.36 per barrel, and the global benchmark Brent was up 23.69 per cent at $30.60 per barrel at 7.02pm UAE time.
Saudi Arabia has called for an emergency meeting of Opec and non-Opec oil producers.
The Saudi Press Agency reported that the kingdom's call was part of its attempts to reach a fair oil agreement to stabilise the oil market.
Russian Energy Minister Alexander Novak indicated that the country had no plans to increase its crude output, Reuters reported.
Oil prices have been trending lower because of overproduction and weak demand since last month.
An output restriction pact between members of Opec and producers outside the exporters' group expired at the end of the March and the outbreak of coronavirus dented global demand.
Brent fell 66 per cent to settle at $22.74 per barrel at the end of March, while West Texas Intermediate fell 66.5 per cent to close at $20.28 per barrel.
Saudi Arabia and the UAE are expected to bring nearly 4 million barrels a day in additional supply to the market this month after the collapse of talks between members of the Opec+ alliance, which included Russia.
Riyadh is expected to operate at its full capacity of 12 million bpd, drawing on 300,000 bpd of stocks to meet additional supply.
Goldman Sachs has forecast global consumption for crude will fall by a quarter as social distancing and lockdowns caused by the coronavirus affect 92 per cent of the world's gross domestic product.
West Texas Intermediate fell to a near 18-year low at $19.92 per barrel this week.