World stock markets eked out small gains yesterday, lifted by a recovery in oil prices from 11-year lows as investors unwound some of their bearish bets on the battered commodity.
The Organisation of Petroleum Exporting Countries (OPEC) has estimated that global oil demand would hit 110 million barrels per day (mbpd) by 2040.
The Minister of State for Petroleum and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said that the planned withdrawal of the French oil giant, Total, from the Brass Liquefied Natural Project (LNG) will not hamper the signing of the Final Investment Decision (FID) for the multi-billion dollar project.
In a bid to eradicate queues at fuel stations across the country, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has ordered the deployment of personnel of the Nigerian National Petroleum Corporation (NNPC) in filling stations across the country for effective monitoring of the distribution system.
The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu has directed the Pipelines and Products Marketing Company, PPMC, and Petroleum Products Pricing Regulatory Agency, PPPRA, to embark on renewed special supply intervention measures to ensure a country-wide availability of petroleum products ahead of the forthcoming yuletide and beyond.
As the Federal Government grapples with how to salvage the economy, the continued sliding of the price of crude oil may require that its effort should be intensified. 
The Minister of State for Petroleum, Dr. Emmanuel Ibe
Kachikwu yesterday said the Federal
Government will not scrap the Petroleum Support Fund (also known as subsidy)
but will, instead, embark on price modulation.
President Muhammadu Buhari has approved the next restructuring phase of the Nigerian National Petroleum Corporation (NNPC), the Minister of State for Petroleum Resources and the corporation’s group managing director, Dr. Ibe Kachikwu, disclosed on Thursday.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has blamed the federal government for the protracted scarcity of petroleum products in the country, describing government explanations as window dressing.
As the prices of crude plummet to its lowest level in nearly a decade, the ability of members of Organisation of Petroleum Exporting Countries (OPEC) to reclaim its market share has become a concern to stakeholders.
Nigeria recorded the biggest drop in output in November among its peers in OPEC, followed by Saudi Arabia, the group’s biggest producer. OPEC, in its latest monthly oil market report, put crude oil production from Nigeria at 1.607 million bpd in November based on direct communication, down from 1.812 million bpd in October.
Against the backdrop of the current fuel crisis across the country showing no sign of abating, the World Bank, yesterday, told President Muhammadu Buhari that the time to remove petroleum subsidy is now.
The Nigerian National Petroleum Corporation has yet to provide document from the Presidency authorising it to trade 445,000 barrels of crude oil under its Refined Product Exchange Agreement contracts.
Despite the Federal Government’s using a crude oil price benchmark of N38 for its 2016 proposed budget, an economic crisis looms. This is because by yesterday, the oil price continued to plummet, falling below $37 per barrel and international Brent crashing to below $40 for the first time since early 2009. The prices may fall further.
The oil companies operating in the country have paid over $293 billion to the Federal Government coffers in terms of taxes, royalties and dividends between 2006 to 2012, going by the data from the Nigeria Extractive Industries Transparency Initiative (NEITI).The Federal Government has unfolded plans to raise funds from international investors and the private sector in 2016 to finance the Joint Venture (JV) cash calls between the Nigerian National Petroleum Corporation (NNPC) and international oil companies operating in the country.
The federal government is breaking up the Petroleum Industry Bill (PIB) that has been stuck in parliament for years, replacing it first with a law to overhaul the state sector which aims to close loopholes that create avenues for rent seeking, according to a draft seen by Reuters.
The Federal Government, yesterday, disclosed that it would raise funds from international investors and the private sector next year, to fund the Joint Venture cash calls between the Nigerian National Petroleum Corporation, NNPC, and International Oil Companies, IOCs, operating in the country.
OPEC oil output has risen in November from the previous month, a Reuter’s survey found, led by a rebound in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer. 
Nigeria a recorded N37.8 billion ($189 million) crude revenue deficit in September with a production shortfall of 4.2 million barrels below target in the month under review.
The Federal Government earned $487.37 billion (28.392 trillion) revenues from the oil and gas sector in 13 years, the Nigerian Extractive Industry Transparency Initiative (NEITI) has declared. NEITI’s Acting Executive Secretary, Dr. Orji Ogbonnaya, who disclosed this in a paper at the 4th Sustainability in the Extractive Industries (SITEI) conference, maintained that the revenues came from equity crude sales, royalty, signature bonuses and taxes between 1999 and 2012.
Iran has taken the petroleum industry by storm after announcing a bold, ambitious new regime of incentives for its oil partners, as it seeks to outsmart sluggish nations like Nigeria to win the required investment for its post sanctions era in which the door is also open to US firms. 
The operating revenue of Nigerian National Petroleum Corporation (NNPC), after subsidy for September and October has hit N304.18 billion, according to its monthly financial report.
Fresh moves by the Federal Government and other stakeholders to end the current fuel scarcity in the country may have begun, with plans by the Nigerian National Petroleum Corporation (NNPC) to activate five million litres of petrol daily from the two refineries in Port Harcourt, Rivers State.
The Federal Government is expecting over N368 billion ($1.6 billion) from taxes and dividends increase from the Nigeria Liquefied Natural Gas Limited (NLNG) by 2017. 
The Senate on Thursday asked the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to end the current scarcity of petrol within two weeks.
To end the fuel scarcity in the country, the Nigerian National Petroleum Corporation (NNPC) is engaging the Department of State Services (DSS) and Economic and the Financial Crimes Commission (EFCC) to check the hoarding and diversion of petroleum products by some unscrupulous marketers. Low capacity utilization of refineries, proliferation of non-additive lubricants, underfunding of Joint Ventures (JVs) and poor pricing of products, have been identified by stakeholders as some major challenges confronting Nigeria’s oil and gas sector.
Outstanding debts amounting to over N600 billion owed oil marketers by government, as well as the need to bringing down cost of naira and making foreign exchange available to end users, among others, could stem the current fuel crisis in the country, according to stakeholders. 
Lack of political commitment, coupled with inadequate funding are responsible for the non-discovery of oil and gas in commercial quantity, the Association of Petroleum Inland Basins States of the North (APIBON) has said.
Iraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel.
Nigerian Minister of Petroleum Resources Emmanuel Ibe Kachikwu, has stressed the need to tackle the challenges before gas exporting countries to maintain supplies of natural gas.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to put in place ‘sustainable plans’ for job and wealth creation.
Gross domestic product rose 2.8 percent from a year ago, compared with 2.4 percent in the second quarter and 6.2 percent in the same period of 2014, the National Bureau of Statistics said in an e-mailed report on Tuesday. Oil output jumped to 2.17 million barrels a day from 2.05 million barrels.
President Muhammadu Buhari has charged the Gas Exporting Countries Forum (GECF) to take appropriate steps towards sustaining the pricing of gas at the international market for the benefit of member countries.
The Senate yesterday resolved to break the jinx of failure on consideration and passage of the Petroleum Industry Bill (PIB) as witnessed in the 6th and 7th Senate and by extension, National Assembly.
President Muhammadu Buhari on Sunday arrived in Tehran, Iran, to
participate in the Gas Exporting Countries Forum (GECF) summit on
Monday. The Minister of State for Petroleum Resources, Mr Ibe Kachikwu and
the National Security Adviser, Retired Maj.-Gen. Babagana Monguno were at
the airport to welcome the President.
The Petroleum Profits Tax collection for the year has dropped by N390bn from a target of N1.48tn to N1.09tn, the Acting Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said.
Crude production from Nigeria surged to 195.3 billion barrels in the third quarter 2015. National Bureau of Statistics (NBS), which disclosed this in a new data, added that this has expanded the revenues of the largest economy in Africa at a slightly faster pace in the third quarter.
Nigeria's oil output could drop by as much as 15 per cent in 2017 unless the government attracts more investment and resolves cash shortages at state oil firms, a senior Moody's analyst said on Wednesday.The average price of crude oil sold by the Organisation of Petroleum Exporting Countries (OPEC) fell below $40 a barrel for the first time since 2009, underscoring the financial cost of the group’s strategy to defend its market share.
The National Assembly monday tasked President Muhammadu Buhari as the new Minister of Petroleum to as a matter of urgency send a revised Petroleum Industry Bill (PIB) to it for quick consideration.
The National Union of Petroleum and Natural Gas Workers (NUPENG) has urged the federal government to as a matter of urgency look inward by diversifying the nation's economy through the promotion of agriculture, solid minerals and tourism to generate more revenue for the country.
True to his pronouncements in New York late September, President Muhammadu Buhari named himself the substantive Minister of Petroleum Resources in the long-awaited cabinet he unveiled yesterday.
President Muhammadu
Buhari’s overall plan for Nigeria’s oil and gas sector for the next four years
was on Wednesday made known by the Minister of State for Petroleum Resources,
Dr. Ibe Kachikwu. 
The President of Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, has raised the alarm that total investment by all players in Nigeria’s oil and gas industry, which stood at $20 billion in 2014 has dropped by 20 per cent in 2015.
Tumbling oil prices have hit the earnings of Nigeria’s indigenous energy companies, in one of the first tangible signs of how the oil supply glut is reverberating across the global economy.
Nigeria’s unsold crude oil cargoes, which were over 20 last month, have reduced to 15, according to trade sources.
