The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says the world is moving away from oil, hence, it will no longer be an income resource in 10 years’ time.
Kachikwu said this in Abuja on Thursday while answering questions on ‘His Outlook for the Commodity in 2018’.
According to him, 2018 looks like a better year for crude in terms of pricing but countries are focusing on alternative energy.
“Everything all added up together is showing us that towards the last quarter of 2018 we expect a better market. Does that better market translate to your 100 dollars’ price (per barrel)?
“Never! I don’t see it, frankly I don’t see it. It’s going to take a major calamity. Largely because on the back of all these, countries are racing away from oil.
“If Europe is saying in five years’ time, we are going to exit oil cars to electric cars, oil, therefore, is getting its last years.
“Except for those who produce and use it for local consumption because they’re moving slowly away from it but in terms of an income resource, you can begin to count the years in your hands.
On outlook for price of crude by year-end, the minister said, “This year, maybe 60 dollars per barrel but I don’t think it’s going to happen, so let’s say mid 50 dollars.
Kachikwu said private investment was the only way out of bad infrastructure and better income for government in the sector.