Russian Energy Minister Alexander Novak has tested positive for coronavirus, Russian Prime Minister announced in a government meeting on Tuesday. The news broke out hours before Novak was to participate in a video conference by the ministerial monitoring committee of OPEC and its allies.

Russian Energy Minister tests positive for coronavirus hours before OPEC meeting

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters.

Saudi, Russia reach deal on oil cuts, raising pressure for compliance

International oil prices fell to a new low tanking 40 per cent to $11 a barrel as steep fall in demand due to the coronavirus epidemic rattled the oil market. Also Read: Protestors converge at Washington state capitol to rally against coronavirus curbs Oil prices reached the lowest point since 1998.

Oil prices tumble to $11 amid oversupply, fall in demand due to coronavirus

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991.

Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC'

OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (BPD) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak but made its action conditional on Russia and others joining in.

Saudi Arabia responds aggressively to collapse of OPEC alliance with Russia