The newly elected president of the Organization of Petroleum Exporting Countries (OPEC) and Minister of Petroleum Resources, Diezani Alison- Madueke, said yesterday that under her leadership, OPEC would work to stabilise oil prices in the global market.
She assured that with her emergence as the first female president of the global oil body, she would use her position to ensure Nigeria becomes more competitive in the oil market to weather the storm of the current oil crisis.
Speaking to State House Correspondents yesterday on her election at the presidential villa, Abuja, the minister, however, acknowledged the fact that she was taking over the leadership of OPEC at a challenging period.
She said, “This is a very challenging time as you know for OPEC and for the global crude oil wells as a whole. Quite clearly, there has been a battle of wills between certain OPEC countries, the big players and certain non-OPEC countries who are big players in the world crude oil production markets at this time.
“Many countries both OPEC and non-OPEC countries are suffering immensely. Even as we speak, Venezuela has gone into austerity measures and is measuring food because they were completely dependent on oil,”she said.
“Angola, Algeria Iran are all under duress as is Nigeria because it has affected our budgetary benchmark. And even non-OPEC countries like Russia who will not cut production are already seeing a drop in the value of their rouble,” she added.
“So it is quite impactful on OPEC prices and what OPEC does in the global oil market. And so we will be watching very closely as president of OPEC at this time at what point we have to call OPEC Extra Ordinary meeting and reconvene to see whether other strategies can be put into play.”
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