Alison-Madueke’s OPEC nomination stumbles

Reports from the outcome of the 165th ordinary meeting of the Organisation of the Petroleum Exporting Countries (OPEC) indicate that the nomination of Mrs. Diezani Alison-Madueke, minister of petroleum resources, for the post of OPEC secretary-general will have to wait another six months.

This is as a result of the six-month extension of the tenure of long-serving incumbent, Abdullah al-Badri, from December 2014 to June 30, 2015.

The 12-member body disclosed this in a communiqué it issued at the end of its meeting, in Vienna, Austria, on Wednesday. It also announced that the next ordinary meeting, the 166th, would take place on November 27, 2014.

OPEC also agreed to maintain its oil production ceiling of 30 million barrels a day for the second half 2014. The oil ministers expressed satisfaction with oil prices around $110 a barrel for Brent crude, which exceeds the preferred price of $100 a barrel.

Despite the fact that two member countries, Libya and Iran, are producing well below capacity due to civil conflict and sanctions respectively, OPEC said it believed that the production ceiling is still achievable.

Nigeria had nominated Alison-Madueke to succeed al-Badri, to capitalize on the deadlock over the post created by opposing candidates from Saudi Arabia and Iran.

With this extension, there may be room for a consensus agreement by disagreeing factions for the post, scheming out Alison-Madueke whose candidature was based on the discord.