Ibe Kachikwu: Price of oil will rise soon


The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that the price of crude oil would rise to a level that is neither too high nor too low.

The Minister spoke at the opening ceremony of the 6th African Petroleum Congress and Exhibition, CAPE VI, which held at the International Conference Centre, Abuja.

Kachikwu pointed out that though crude oil appears to be going through bad times as a result of prevailing low price and the campaign against the use of fossil fuels for environmental reasons, the product would soon rise up to take its place as the prime global energy source.

The minister while speaking on the theme: “Positioning African Petroleum for Global Development and Value Addition” said he would not end his speech without delivering a message from oil, stating: “My name is oil, those who are kind to me call me black gold.

Those who hate me call me crude.

“I worry for my future; everyone now talks down on me.

Even farmers who trembled at the sight of my name are now strategizing against me.

“And all my beneficiaries, me have they abandoned, all because producers have lost their tracks.

But I will rise again, and when I do, I will take no prisoners.

“I will new technologies control; I will my supremacy confirm; I will my respect regain.

“And my pricing, not too low, not too high; but I will not allow prices to humiliate me. All of you in OPEC, APPA, GCEF and all such bodies who have shown me no respect recently, soon, you’ll eat your words.”

However, President Muhammadu Buhari, represented by the Vice President, Prof. Yemi Osinbajo, in his key note address, called on member countries of the African Petroleum Producers’ Association, APPA, to come together and find a lasting solution to the challenge of low refining capacity plaguing the African continent.

He also urged APPA member countries to work towards ending gas flaring and other activities that are inimical to environmental sustainability.