(Ecofin Agency) - The Nigerian Minister of state for Petroleum Resources, Emmanuel Kachikwu, on Monday said that that the days of $50 per barrel of oil is approaching.

Kachikwu, noted that he is confident that the Organization of Petroleum Exporting Countries’ (OPEC) members will be able to arrive at a decision to freeze oil production to fight the low oil price.

“The minister for energy in Qatar and the president of OPEC is leading that pact and there is a lot of conversation going on and there's a lot of consensus building on the issue of the freeze. Saudi Arabia and Russia are aligned on the issue of a freeze, so I think the chances are very high,” Kachikwu said.

He added that crude prices is expected to take a major leap by the end of 2016.

“I am certainly hoping for prices in the range of $45 to $50. I'm hoping a consensus can be built and that parties can begin to work together across the board, not just OPEC members, but also non-OPEC members, which is what the Gulf States and most of us have pushed for. With that, you'll begin to see movement upwards in those prices,” Kachikwu stated.

Speculation over OPEC's plan to freeze or cut output has until now has been unsuccessful. Saudi Arabia's oil minister, Ali al-Naimi, had said there will not be a production cut, but gave his country's backing of a freeze.

Brent crude, on Friday, rose to $35 while U.S. crude rose to 10.59 per cent its best since August 28, 2015, Leadership reports.

Anita Fatunji