Wonuola Akanbi, the Head of Energy and Infrastructure sales, Global Markets at Stanbic IBTC Bank, joins CNBC Africa to discuss the dynamics in the global oil market and how it impacts Nigeria.

The oil production cuts will total more than a million barrels per day — the biggest reduction since OPEC slashed two million barrels a day in October.

The price of oil tumbled in early trading on Thursday, after reports that the United States was preparing to release more oil from its strategic reserves in a bid to bring down the cost for consumers. President Joe Biden is due to make an announcement later this Thursday. It would be the second time this month that the US has released oil from its stockpile. Also today, we look at how French consumers are preparing for a potential shortage of sunflower oil due to the war in Ukraine.

Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.

Here is why you should pick up a copy of The Guardian on Saturday. Find these stories and much more when you grab a copy of The Guardian on the newsstands on Saturday.

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."

Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.

Oil prices remain turbulent, a day after turning negative for the first time in history. The coronavirus pandemic and lockdowns around the world have seen demand for oil dry up, and storage space is running low. Analysts say the international benchmark, Brent crude, is a better reflection of the current state of the market, but prices remain at their lowest level in decades. Donald Trump has pledged to support America's oil and gas industry - we look at what measures could be in store.

Although oil prices have hit rock bottom recently, liquefied natural gas is still holding its ground as a cheap and reliable energy source. So LNG could play a larger role in Europe's energy future, reports Bud Albright.

Decline in oil prices, economist, Robert Omotunde says it is a rare opportunity for Govt to do the right thing. Oil prices will always go in cycle, it will go up and come down.

Oil prices steadied around $64 a barrel as the market looks to the signing of a trade deal between the United States and China tomorrow. For more on geopolitics and impact on oil prices, Kola Karim, Chairman of Shoreline Group joins CNBC Africa for more on geopolitics and impact on oil prices.

Why the US-Iran tensions are driving up oil prices