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.
