Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May, escalating a price war with Russia.

U.S. President Donald Trump and his Russian counterpart Vladimir Putin discussed plunging oil prices and the coronavirus pandemic Monday, the Kremlin said, as Trump said Moscow is pressing for an end to US sanctions.

Stakeholders in Expo 2020, a multi-billion-dollar global trade fair set to launch in Dubai in October, are to hold talks Monday on a possible postponement over the coronavirus pandemic.

Measures to contain the coronavirus outbreak will slash German 2020 economic output by 2.8 to 5.4 percent before a rebound next year, a panel of economists who advise the government said Monday.

Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.

Police with batons and guns have moved in to protect supermarkets on the Italian island of Sicily after reports of looting by locals who could no longer afford food.

Global retailers including Adidas and H&M sparked outrage in Germany on Sunday after announcing they planned to stop paying rent on stores that have been forced to close over the coronavirus outbreak.

Moody's has downgraded South Africa's credit rating to junk status, piling more anguish on an economy  already in recession and battered by Africa's worst coronavirus outbreak.

With streets in major cities empty, and shops and restaurants forced to close due to the coronavirus pandemic, there was a record explosion of Americans filing for unemployment benefits.

G20 nations on Thursday pledged a "united front" in the fight against the coronavirus pandemic, and said they were injecting $5 trillion into the global economy to counter the impact of the crisis.

"We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic," the leaders said in a statement after an emergency online summit.