The Organization of Petroleum Exporting Countries, OPEC, has elected Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, as its first female president.
Alison-Madueke, who would now succeed former President of OPEC, Libyan Vice-Prime Minister for Corporations, Abdourhman Atahar Al-Ahirish, was voted in as President of OPEC Thursday at the ongoing 166th General Meeting of the body in Vienna, Austria.
Before her election this morning, she was the alternate president of OPEC. She is expected to immediately begin serving her one-year term as the official in charge of OPEC affairs.
At its 166th meeting, OPEC is expected to take key decisions that could halt the dwindling price of crude oil.
In his opening remarks before the closed-door meeting, the outgoing president disclosed that ample supply, moderate demand, a stronger US dollar and uncertainties about global economic growth have been key factors in the recent price trend.
He continued that this is made worse by the impact of speculative activities in the oil market.
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