Kachikwu Replaces Alison-Madueke As OPEC President

Dr. Ibe Kachikwu the minister of state for petroleum resources has replaced Diezani Alison-Madueke, the former minister of petroleum, as the conference president of the Organisation of Petroleum Exporting Countries (OPEC), Dailypost reports.

There were reports that Nigeria’s president, Muhammadu Buhari as the substantive minister of petroleum resources would take over, but the body named Kachikwu as the head of the OPEC conference.

The group managing director of the Nigerian National Petroleum Corporation (NNPC) promised to do his best to delay Iran’s intended oversupply of crude oil, to control pricing.

READ ALSO: Fuel Scarcity: Give Out Products Of Defaulters For Free- Kachikwu

On his plans for OPEC, the minister of state for petroleum resources, said: “My first target as I meet with ministers one-on-one is to try to delay Iran’s flooding of the market to the last quarter of next year. I will be talking with Iran’s oil minister on that so that we can stabilise the price”.

Alison-Madueke emerged as the first female president of OPEC, in November 2014 when she was elected at the 166th ordinary meeting of the organisation.

Before her appointment the former petroleum was already acting as the alternate president of OPEC. She took over immediately to serve her one-year term at the helm of OPEC affairs.

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