The Minister for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, replaced Diezani Alison-Madueke as the Conference President of the Organization of Petroleum Exporting Countries (OPEC).

Mrs. Alison-Madueke began her tenure as Conference President of OPEC in November 2014, she was the first woman to ever hold the position. As scandal after scandal swirled around her, Mrs. Alison-Madueke used her position as Conference President to burnish her public image.

During his term as Conference President Dr. Kachikwu intends to delay Iran’s attempts to oversupply the market with crude oil.

“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,” He informed members of the media in Lagos.

Source: Sahara Reporters