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

Uzoma Dozie, Managing Director and CEO of Diamond Bank says the bank was caught up in an economic depression, especially oil prices which impacted its oil and gas books five years ago.

According to BMI Research's recent report titled, outlook for Nigeria's economy, improved oil production, higher oil prices, and greater exchange rate flexibility will all contribute to a return to positive real GDP growth in Nigeria in 2017.

Nigeria's Central Bank plans to meet bureau de change operators today to explore ways to eliminate the gap between the official and parallel market dollar rates.

Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses the key takeaways from Saudi Arabia's historic budget with Bloomberg's Yousef Gamal El-Din and Angie Lau

Moody's investor’s service says Nigeria's five biggest banks have sufficient foreign currency liquidity to cover 18 months of maturing foreign currency debt obligations.