The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has been appointed the new chairman of the Organisation of Petroleum Exporting Countries (OPEC).
He is to replace former petroleum minister, Mr. Diezani Alison-Madueke, who chaired the position before her exit as a minister.
Speaking on his appointment, Kachikwu revealed his plans for OPEC, saying he would do his best to delay Iran’s intended oversupply of crude oil so as to control pricing.
“I think the key thing will be obviously crude oil price. There is a lot of sensitivity on that, $42 currently and with potential to go down if Iran throws their barrels into the field,” he said
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