Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said Russia and Saudi Arabia are very close to a deal on oil production cuts. The whole market understands that this deal is important and it will bring lots of stability to the market, Dmitriev said.

Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day. The oil industry has blamed the coronavirus pandemic for the losses it has been counting since the first quarter. Russia and Saudi Arabia had planned a video conference on Monday to discuss oil output cuts, but the meeting will likely take place on Thursday.