Nigeria’s Minister of State for Petroleum Dr. Emmanuel Ibe Kachikwu has predicted that the current crude price crash may be a temporary set back which may end before December this year, The Sun reports.

Kachikwu who declared that OPEC was not expecting crude oil prices to enter the region of $20 to $30 per barrel, predicting that the 2016 average would be between $40 and $50. “I am actually optimistic that 2016 would end on an average of 40 to 50 barrel type level, but the first quarter would be very rough” he said.

“I don’t expect to see it (oil) going to the twenties, I expect it on the fringes of thirties for maybe a month, two months, I expect it to see it to begin to climb.”

 

 

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