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.