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10

OPEC bulletin 10/17

C o n f e r e n c e N o t e s

5

t h

M e e t i n g o f t h e J o i n t M i n i s t e r i a l M o n i t o r i n g C o m m i t t e e

Nigerian oil minister optimistic

on oil market in 2018

Dr Emmanuel Ibe Kachikwu,

Nigeria’s Minister of State for

Petroleum Resources, took time

to speak to the

OPEC Bulletin

on the sidelines of the JMMC

in September. He says that he

expected the rate of recovery in

the market seen so far in 2017,

and that OPEC’s moves were

carefully orchestrated and well

planned. He believes this bodes

well for a positive oil market

outlook in 2018.

W

e had the benefit of some natural factors

here and there, but just the consistency and

adeptness of the response OPEC has given

was enough to begin to carry the market,” stated the

Minister.

He added that he is optimistic about 2018, looking

at the current depletion of reserves and the slowing

rate of US tight oil growth, as well as the positive per-

formance in terms of conformity with the ‘Declaration

of Cooperation’.

“It all leads to the fact that 2018 should be okay.

A lot of us are going through very difficult times in our

economies, and we need the volumes. But if you get the

volumes, you lose the price.

Staying the course

“I think we are all committed to staying the course. We

are going to do everything we need to do to make sure it

works, and I think that 2018 will respond appropriately.”

When discussing the ‘Declaration of Cooperation’, Dr

Kachikwu stated that Nigeria, technically exempt from the

Dr Emmanuel Ibe

Kachikwu, Nigeria’s

Minister of State for

Petroleum Resources.