Kachikwu says fluctuating oil prices pose no immediate threat

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the current fluctuations in oil prices pose no immediate threat to Nigeria’s economic recovery, ThisDay reports.

Kachikwu, who spoke on Arise News Network, the sister broadcast arm of ThisDay, said it would amount to being an alarmist to consider the gyrations in the oil market a threat to the Nigerian economy, adding that Nigeria still sells most of its crude oil blends well above $50 per barrel.

The minister also stated that member countries of OPEC were alert to the current price movements and the resurgence of shale oil production, explaining that they would react to the changes as required.

He explained that members of OPEC were already exploring opportunities to engage U.S. oil producers on efforts to stabilise prices, adding that he was optimistic the U.S. would soon join OPEC and non-OPEC members to sustain existing efforts on this.