Better Days Coming; Crude Oil Will Soon Be $50pb – Kachikwu

Unperturbed by recent disagreements among members of the Organisation of Petroleum Exporting Countries (OPEC), minister of Petroleum Resources, Dr. Ibe Kachikwu, has stated his conviction that the days of higher prices like $50 a barrel of oil and above are coming.

He also said he was unrelentlessly continuing to push for production freeze consensus.

The minister told media outfit, CNBC, that he was hopeful that OPEC members would be able to come to an agreement to freeze oil production as a way to combat the low oil price.

“The minister for energy in Qatar and the president of OPEC is leading that pact and there is a lot of conversation going on and there’s a lot of consensus building on the issue of the freeze,” Kachikwu said in an interview with CNBC’s Fast Money.

“Saudi Arabia and Russia are aligned on the issue of a freeze, so I think the chances are very high.”

He explained that a potential output freeze among OPEC members has made him bullish when it comes to oil prices in 2016, adding that he expects crude prices to take a major jump in a matter of months.

President Muhammadu Buhari has also sought the cooperation of OPEC to improve the crude market.

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Comments

  1. Let me say amen.. But to achieve this we have to stop corruption

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  2. That's a cheering news from the minister of petroleum for state, Mr. Ibe Kachikwu.

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  3. Amen to that but it shouldn't stop you guys from tapping into other mineral resources.

    dec.16th@yahoo.com

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  4. I pray so. That's how it is a patience dog always eat the fattest bone

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  5. Hope ds happen, @least it will av positive imapact on the economy

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  6. Since this APC take over government only stories like this I am hearing like they are campaigning, 1 million promises at a time nothing have down.

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  7. We hope 4 a beta Nigeria..inumidun

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  8. That would be of immense advantage to Nigeria & Nigerians at large if the oil price is shooting to $50bp considering the fact that our revenue budget was based below that price per barrel & the PMB led administration would use the surplus to better the life of Nigerians.
    Though, we have to forge ahead with our diversification plan in Agriculture not to over rely on oil.

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  9. We hope it gets better..for Russia and Saudi what use is it exporting more for less? It's should be less for more.

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  10. Now how will it favour us, when we are already getting used of the flipped economy? Are they trying to give us fake hope? They should stop killing what they won't eat, we already know such dream would never be achieved in this administration. Lets face the fact

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  11. True talk but we still need to diversify our economy to avoid future shock as we are experiencing now

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  12. Good one, if The president didnt travel, how will all this be possible.

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  13. That's why its dangerous to devalue the naira. I give it to Mr. President for maintaining his stand on this.

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  14. Good one.thank God we hope so.nenyekutes@gmail.com

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  15. Good to hear we await the time

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  16. I believe you Ibe Kachukwu, at least with this trip to Saudi and others is a big plus.

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  17. Nice one our able minister

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  18. Issokay. #Optimism. let's hope so.

    olutoscene1@gmail.com

    #Olu,can you see?

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  19. Okey. I just hope for the betterment of the nation

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  20. Ah Amen ooo pls can't wait for our economy to balance

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  21. We are all hopeful that the price of crude oil will increase globally

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