OPEC strikes deal to raise production next month

President Trump has accused OPEC of manipulating prices. His comments came after he caused confusion over whether or not Saudi Arabia is going to increase crude output by the maximum amount possible.

Nigerian Minister of State for Petroleum Emmanuel Ibe Kachikwu discusses global oil market demand, Nigerian corruption, and the impact of shale oil on OPEC production.

The stormy oil market could have OPEC about to perform another production U-turn. The cartel has signaled it will consider a return to cutting output in 2019. With prices falling in the face of a shale surge, OPEC will discuss a change of course in Abu Dhabi this weekend.

The Gulf nation of Qatar's new energy minister said that his country will leave OPEC effective January of 2019. He said that he had informed OPEC of his decision ahead of his announcement.

Donald Trump wants Riyadh to keep pumping oil to keep global prices low, a tactic that pleases his blue-collar base at home. But the Saudis may balk at opposing other OPEC members ahead of a key meeting of the cartel.

President Donald Trump's call for OPEC to keep oil flows unrestricted drew criticism from Saudi Arabia. The oil cartel convened in Vienna to discuss cutting output, in a bid to bring prices back from a two month slump.

Nigerian Minister of State for Petroleum Resources Emmanuel Kachikwu discusses the agreement by OPEC+ to cut production by 1.2 million barrels per day with Bloomberg's Marcus Cranny on "Bloomberg Markets: European Close."

OPEC's production plunged by the most in almost two years in December, even before the deal to cut oil supplies started. Output fell 530,000 barrels a day to 32.6 million.

Data from the Energy Information Administration showed that the United States cut its imports of Nigerian crude oil by 43 per cent in 2018. Meanwhile, oil prices continue to inch higher by healthy demand and output cuts led by producer group OPEC.

OPEC agreed to extend production cuts by nine months after several members endorsed the move aimed at supporting oil prices amid a weakening global economy. The deal will take effect once non-OPEC allies give their approval at a meeting scheduled to hold today. Oyeyemi Oke, Oil and Gas Lawyer and Partner at A02 Law joins CNBC Africa to discuss this and other stories impacting the global oil market.

Saudi oil giant Aramco raises $25.6 billion in the world's biggest ever IPO, beating a record set by Alibaba in 2014. Meanwhile, OPEC members meet in Vienna to discuss cutting oil production by a further 500,000 barrels a day - more than previously expected.

The Organisation of Petroleum Exporting Countries (OPEC) has agreed to increase output curbs in early 2020. The agreement, which needs to be formally adopted later today, will cut an extra 500,000 barrels per day of production, through tighter compliance and some adjustments. Emmanuel Adeleke, Research Analyst at ARM Securities joins CNBC Africa for more.