The minister of state for petroleum resources, Dr. Ibe Kachikwu has replaced Diezani Alison-Madueke, the former minister of petroleum, as the conference president of the Organisation of Petroleum Exporting Countries (OPEC).
Indication emerged earlier that Nigeria’s president, Muhammadu Buhari as the substantive minister of petroleum resources would take over, but the body named Kachikwu as the head of the OPEC conference.
Kachikwu, who is also the group managing director of the Nigerian National Petroleum Corporation (NNPC), revealed his plans for OPEC.
He said: “My first target as I meet with ministers one-on-one is to try to delay Iran’s flooding of the market to the last quarter of next year. I will be talking with Iran’s oil minister on that so that we can stabilise the price”.
Recall, Alison-Madueke emerged as the first female president of OPEC, in November 2014 when she was elected at the 166th ordinary meeting of the organisation.