Petroleum Africa
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Thursday, September 21, 2017
Speaking to reporters, Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said the crude market reaching $100 per barrel price is unlikely in 2018. Kachikwu said the current market conditions do not support such expectations.
The Minister predicted that at most, oil prices could settle at $60 per barrel.
“Everything all added up together is showing us that towards the last quarter of 2018, we expect a better market. Does that better market translate to your $100 price? Never! I don’t see it, frankly I don’t see it,” Kachikwu said.
“It’s going to take a major calamity. Largely because on the back of all these, countries are racing away from oil. If Europe is saying: ‘in five years’ time, we are going to exit oil cars to electric cars,’ oil, therefore, is getting its last years, except for those who produce and use it for local consumption because they’re moving slowly away from it but in terms of an income resource, you can begin to count the years in your hands. In 10 years’ time, I’d be very surprised if any country that hasn’t diversified enough is counting really seriously on oil,” the Minister explained.
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