Kachikwu insists on market stability

08 December 2015, Abuja – The Minister of State for Petroleum Resources, and President of OPEC, Dr. Ibe Kachikwu, has warned that no new investment can be made in the global petroleum industry, unless efforts are geared towards ensuring a stable and balanced market.

*Dr Ibe Kachikwu, Nigeria's minister of state for Petroleum.

*Dr Ibe Kachikwu, Nigeria’s Minister of state for Petroleum.

Speaking at the 68th Meeting of the Organisation of the Petroleum Exporting Countries, OPEC, Conference in Vienna, Austria, Kachikwu said: “A balanced and stable market will be of crucial importance in the years ahead to ensure continued investment in the industry as it gears up to meet the world’s burgeoning energy needs.”

He noted that in the last six months, operators and stakeholders had witnessed continued volatility in the global oil market, adding that prices have continued to drop with the OPEC Reference Basket decreasing from a monthly average of about $60 per barrel in June, to just over $41 per barrel in November.

He argued that there is no doubt that the oil industry is in the midst of another challenging cycle, especially as the decline in prices reflect the continued oversupply in the market with crude and product storage at record highs.



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