Diezani misses out on OPEC appointment


Minister of Petroleum Resources, Diezani Alison-Madueke, has failed in her ambition to become the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC)

Her hopes of becoming the organisation’s first female secretary general were dashed on Wednesday following the decision of OPEC members to extend the tenure of the incumbent Secretary General, Abdullah al-Badri.

Al-Badri’s tenure has been extended till June 30, 2015.

The initial proposal to have Alison-Madueke to 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.

Meanwhile, OPEC agreed on Wednesday to renew its oil production ceiling of 30 million barrels a day for the second half of this 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 communiqué confirming the decision, OPEC also said the next meeting would take place on November 27.