Mrs. Diezani Alison-Madueke, Minister of Petroleum Resources has been designated as the first female President of the Organisation of Petroleum Exporting Countries at the 166th conference of the organisation in Vienna, Austria.
The minister tenure takes effect from January 2015. She took over from Libyan vice Prime Minister for Corporation, Abdourhman Atahar Al-Ahirish, and before her emergence, she was the Alternate President of the Organisation.
Alison-Madueke stated that the United States Shale oil and gas had a lot of impacts on all major oil and gas producing economies stressing that it was a major game changer for all stakeholders in the energy mix across the world.
The minister however disclosed that in months to come, OPEC would give a proper platform for member countries to find solution and deal with the problem directly, stressing that there were no swift fixes to the sliding oil prices.
The OPEC president stated that the burden of the declining oil prices has impact on both OPEC and non OPEC member countries.
Alison-Madueke said the current trend would make Nigeria to look very sternly at the Petroleum Industry Bill which was already before the National Assembly to ensure that the enablers therein were explored.
Rising from the 166th Ordinary Conference, OPEC member countries decided that the current production level of 30 million barrels per day as was agreed in December 2011 should be maintained for the interest of restoring market equilibrium.
Also confirmed in the conference is the willingness of member countries to respond to developments which could have unpleasant impact on the maintenance of a systematic and balanced oil market.