Oil prices rise with IEA’s cut to demand forecast

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.

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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."

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 International Energy Agency has long been accused of undermining climate action. Now, ahead of a global climate summit, it has called on governments to make stronger commitments.

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.

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 head of the International Energy Agency, Fatih Birol, has said the crisis in Ukraine could be a "historic turning point" in how European countries source their energy. Speaking to FRANCE 24 on Wednesday, before the Russian invasion of Ukraine, Birol noted that supplies of Russian gas to Europe had already fallen last year before the recent escalation of tensions. He said it could be an impetus for EU policymakers to turn to alternative sources, as the cost of gas and electricity have soared.