At a time when crude oil is selling for about $30 per barrel, Nigeria’s Minister for Petroleum Resources, Dr. Ibe Kachikwu has expressed his conviction that the days ahead will see a barrel of the commodity selling for $50.

Speaking with CNBC’s Fast Money, the Minister disclosed that he will continue to push for production freeze consensus and was upbeat 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.

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

Stressing that movements towards a freeze represent a big step in the right direction, he told the media outfit that he remained confident of his plan to work with OPEC members, adding that “the Saudi’s are quite frankly in the forefront of pushing the freeze issue.”

The Oil Minister, who explained that a potential output freeze among OPEC members has made him bullish when it comes to oil prices in 2016, said that he expects crude prices to take a major jump by the end of the year.

“I am certainly hoping for prices in the range of $45 to $50. I’m hoping a consensus can be built and that parties can begin to work together across the board, not just OPEC members, but also non-OPEC members,which is what the gulf states and most of us have pushed for. With that, you’ll begin to see movement upwards in those prices,” he stated.

Adaowerri111:
I can see everything turning around, buhari's never say die attitude was what we really needed

Frankiss44:
I expect a denial in less than 24 hrs..

Standing5:
Oil may or may not go up. Management is what we need. PDP finished us, just look at the case of FG ghost workers, 23,000+ of them averaging N100,000/month.

realjoker:
To deny what?
I am sure you did not read the content of the op, you are only trying to be FTC, make unreasonable lamentation as usual and garner likes from your co-travelers or you lack basic comprehension.

ijustdey:

http://dailypost.ng/2016/02/29/crude-oil-will-soon-sell-for-50-per-barrel-kachikwu/

LordAdam:
I am hopeful too.
June 2016 OPEC general meeting might see a freeze deal come about. If it would get to $50 is not something I'm sure about, but it should exceed the $38 which the finance ministry pegged the 2016 budget on.
Now the issue is how to address the huge N2.2t deficit and place proactive measures in place in case a freeze deal does not happen. One can not really be certain. Russia has already planned ahead. Saudi Arabia has already planned ahead with $700b in reserves. Qatar is the richest country in the world by GDP per capita (their population is only about 2 million people).
Nigeria cannot afford to rest our hopes on the backs of countries that can afford to run their economies for the next 10 years on current oil price. Buhari should act now. We are already feeling the effect of his docility when he refused to appoint ministers for 5 months. If he hopes on a freeze deal and that falls through, the weight of the recession will overshadow him.
-Lord

Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

asha80:

http://mobile.reuters.com/article/idUSKCN0W20JH

I hope kachikwu is aware

Ofodirinwa:
This man is an slowpoke. The price is low because the US has more oil than both Saudi and Russia and is no longer importing the way it used to. Soon they will even export adding to world over supply. The US is no longer interested in foreign oil. They can freeze whatever they want to freeze the price will keep dropping as they find oil in new places here in the US.

realjoker:
To deny what?
I am sure you did not read the content of the op, you are only trying to be FTC, make unreasonable lamentation as usual and garner likes from your co-travelers or you lack basic comprehension.

realjoker:
To deny what?
I am sure you did not read the content of the op, you are only trying to be FTC, make unreasonable lamentation as usual and garner likes from your co-travelers or you lack basic comprehension.

Standing5:
Oil may or may not go up. Management is what we need. PDP finished us, just look at the case of FG ghost workers, 23,000+ of them averaging N100,000/month.

rusher14:


In fact, we should make you minister of state for petroleum.

You sabi pass even the people wey dey position and industry.

yaki84:





freeze means reduction in production amongs the opec countries so iit will spur demands. dont forget we r part of opec so if they all agree on freeze nigeria will be part of the deal n our 2+million barrels a day production must be cut to either 1.2 or less. they cant preach freeze n think its only saudis n russia that will cut their production n we increase ours. so at d end of the day we will still be on d low side.
what they shud be talkng abt is solid minerals, agriculture n tourism n not this oil oil oil thing. what if oil dries up today so buhari go sell off nigeria be dat?
people r dying in niger state cause of lead poisoning due to illegal mining of gold. nobody is sending jtf n the whole army to go checkmate these illegal miners but na oil dem eye is fixed on.
how God go tek answer our prayers when some people r prosecuted for committing a crime but others wjo commit same crime r not even convicted nor arrested.

Ofodirinwa:


Keep talking about what doesn't matter while your economy burns. Go ahead and attack me, I don't stay in Nigeria.

yaki84:
hw much will it cost us to build a 500k barrel per day refinery? if its like 1billion dolls, we hv 27billion dolls sitting in d reserve waiting for squandering via buhari tours. why not remove 4billion dolls from thr n build 4 refineries with capacity to refine 500,000 barrels of oil per day. which will make it 2million a day capaciy when total. with dat we will be self sufficient in domestic fuel n will also be exporting growing back our reserve. not only that, abt 10,000 nigerians will be gainfully employed directly n indirectly.
dont know whether am making sense , but I believe some risk r worth taking.

LordAdam:
I am hopeful too.

June 2016 OPEC general meeting might see a freeze deal come about. If it would get to $50 is not something I'm sure about, but it should exceed the $38 which the finance ministry pegged the 2016 budget on.

Now the issue is how to address the huge N2.2t deficit and place proactive measures in place in case a freeze deal does not happen. One can not really be certain. Russia has already planned ahead. Saudi Arabia has already planned ahead with $700b in reserves. Qatar is the richest country in the world by GDP per capita (their population is only about 2 million people).

Nigeria cannot afford to rest our hopes on the backs of countries that can afford to run their economies for the next 10 years on current oil price. Buhari should act now. We are already feeling the effect of his docility when he refused to appoint ministers for 5 months. If he hopes on a freeze deal and that falls through, the weight of the recession will overshadow him.

-Lord