Alison-Madueke’s OPEC ambition to wait
World

Alison-Madueke’s OPEC ambition to wait

by Joseph Anthony
written by Joseph Anthony

The ambition of Petroleum Minister Mrs Diezani Alison-Madueke to become the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) will have to wait.

The 12-member body has extended the tenure of its sitting secretary general till June next year. The election was earlier slated for December.

President Goodluck Jonathan had forwarded the name of the minister for the position. But it will no longer be contested this year.

At the end of a meeting of the Vienna, Austria-based organisation yesterday, its communique confirmed the decision to extend long-serving Secretary General Abdullah al-Badri’s term till June 30, 2015.

Its next meeting is slated for November 27.

The proposal was intended 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 also agreed to renew its oil production ceiling of 30 million barrels a day for the second half of this year in a widely anticipated decision.

It is satisfied with 110 dollars Brent crude oil price a barrel, above its preferred price of 100 dollars a barrel, ministers said.

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

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