Petroleum Minister Loses Bid To Become OPEC Sec. General

Nigeria’s Minister of Petroleum Resources, Diezani Alison-Madueke Wednesday had her hope of becoming Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) dashed as members of OPEC decided to extend the tenure of the incumbent Secretary General, Abdullah al-Badri till June 30, 2015.

The initial proposal to have Alison-Madueke occupy the position was to solve the deadlock over the post created by opposing candidates from Saudi Arabia and Iran, Iraq’s Oil Minister, Abdul Kareem Luaibi, said.

OPEC had on Wednesday agreed to renew its oil production ceiling of 30 million barrels a day for the second half of the year in a widely anticipated decision.

The 12-member organisation is satisfied with the $110 Brent crude oil price a barrel, which is above its preferred price of $100 a barrel, the ministers said.

Two member countries, Libya and Iran, are producing well below capacity because of civil conflict and sanctions respectively, helping to support prices.

In its end of meeting communique confirming the decision, OPEC also said the next meeting would take place on November 27.