Nigeria’s minister of Petroleum, Diezani Alison Madueke is set to become the President of the Organisation of Petroleum Exporting Countries (OPEC) next year. According to reports from delegates at the organisation, she is to succeed Libya’s Abdourhman Ataher Al-Ahirish in 2015.
Alison Madueke sits atop arguably Nigeria’s biggest sector, with Nigeria being Africa’s largest producer of oil.
The position of President in OPEC is usually held for one year at a time; sources claim she was nominated as Secretary general of the organisation in June.
As OPEC convenes in Vienna today, the organisation is plagued by the undeniably problem of falling global prices of oil. With figures estimating that there is an excess supply of crude oil up to 600,000 barrels of oil per day, OPEC needs to decide if it’s going to change it’s oil production target from the existing figure of 30 million barrels per day.
Surely, OPEC is aware that urgent steps must be taken if they are to maintain a hold on the global oil market and provide its members with maximum value for each barrel.