Oil price will climb over $60-mark soon – Ibe Kachikwu

While Riyadh's price war may be aimed at Moscow, it's likely to inflict greater pain on the kingdom and its OPEC allies. DW looks at how likely the global oil producers, including the US, are to weather this crisis.

COVID-19: Senate summons CBN, Finance, Petroleum ministry over drop in oil price

Developing countries could see their oil and gas income fall by between 50 percent and 85 per cent this year, that's according to a joint statement by the International Energy Agency and OPEC. The global organizations warned that the coronavirus pandemic could have potentially far-reaching economic and social consequences. Steve Osho, Managing Director at Comercio Partners Capital joins CNBC Africa for more.

Global central banks unveil bigger spending measures to counter the effects of the coronavirus outbreak – this comes as OPEC and the International Energy Agency warn that developing countries could lose up to 85 per cent of oil and gas income this year. Gbite Oduneye, Co-Founder of Eagle Global Markets joins CNBC Africa to breakdown the impact of the global pandemic on markets.

As Nigeria extends the lockdown for another 14 days, OPEC and Allies agreed to cut oil production by 9.7 million barrels from the first of May, through to the end of June. Andrew Nevin, Partner and Chief Economist at PwC Nigeria joins CNBC Africa to discuss the implications for Nigeria's economy.

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The British energy giant said oil prices had dropped "well below the level" that the company needed "to turn a profit." BP's chief executive said the company had already planned to become "leaner."

The 13-member bloc of oil-rich nations is turning 60 amid a pandemic that's jeopardizing its very existence. Waning influence and a global shift to cleaner energy sources mean that OPEC's glory days are over.

OPEC+ members, including Russia, have been diligently sticking to their production quotas amid the extraordinary shock unleashed by the pandemic. Some of them might now be tempted to throw compliance out of the window.

The price of oil has hit its highest level in three years after the oil cartel OPEC and its allies called off planned talks on Monday over changes to global supplies. Russia and Saudi Arabia had been pushing to increase production after last year's supply cuts, but the United Arab Emirates disagreed. News that the virtual meeting had been abandoned sent oil prices higher in early trading on Tuesday. Also today, we look at how a shortage of rental cars is impacting holidaymakers in France.

Africa's abundant sunshine is ideal for renewable energy production. But the continent relies heavily on crude oil. Experts warn that the economy will continue to suffer if governments don't wean themselves off of oil.

The WikiLeaks' founder is currently fighting an appeal by Washington to extradite him back to the US. Assange's legal team has rejected US assurances that he won't be sent to a "Supermax" prison.