Nigeria’s Petroleum Minister, Mrs Diezani Allison Madueke, has been elected as President of the Organisation of Petroleum Exporting Countries (OPEC).
Madueke is the first female to be elected the President of the Organization of Petroleum Exporting Countries (OPEC). Her election to presidency took place at OPEC’s headquarter at the ongoing 166th ordinary meeting of the Organization in Vienna, Austria.
Diezani K. Alison-Madueke became Nigeria’s Minister of Petroleum Resources on April 2010. She was previously Minister of Transportation on July 26, 2007 and senior executive at Mines and Steel Development in 2008.
Her elected position as President of the Organization of Petroleum Exporting Countries (OPEC) is for one year tenure and “in accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries, OPEC, is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.”
Madueke’s election comes at a difficult period for OPEC with the declining oil price and the increasingly oil glut in the global market. She is expected to guide the exclusive organization in navigating her way at this unhappy time in the cartel. Many of the OPEC members including Nigeria are greatly feeling the impact of the falling oil price. The currencies of many of OPEC members are losing ground to US Dollar and inflationary trends are emerging and it will shrink budgets and makes governance difficult.
In addition, her election to the position of presidency shows an honour and respect to President Jonathan’s administration in Nigeria. It will encourage Nigeria that the world is still looking to her for leadership and visionary strategic development.