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Kachikwu is new OPEC President

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Kachikwu

Minister of state for Petroleum Resources, Dr Ibe Emmanuel Kachikwu is to replace the former Petroleum Minister, Diezani Alison- Madueke, as the new President of the Organisation of Petroleum Exporting Countries (OPEC).
Alison- Madueke was named as the first female president of OPEC at the 166th Ordinary Meeting of the organisation in November 2014.
There had been speculations that President Muhammad Buhari as Nigeria’s substantive Minister of Petroleum Resources would take over the OPEC’s top job.
But in a twist of event, the body named Kachikwu as the head of OPEC’s conference.

Read also: PIB: Nigeria loses $15b yearly, Kachikwu says

Ahead of his assumption of office as the new Opec leader, Kachikwu has promised to tackle the issue of oil price volatility.
While unfolding his plans for OPEC, Kachikwu promised to do his best to delay Iran’s intended oversupply of crude oil in order to control pricing.
Speaking during his tour of plants of oil marketers in Lagos on Wednesday, he said the issue of oil price is very sensitive and should be addressed in order to stabilise the market.
He said the price of crude oil per barrel would further go down, if Iran continues to over flood the market with crude oil.

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