Nigeria’s Petroleum Minister elected President of the Organisation of Petroleum Exporting Countries (OPEC)

Alison-Madueke’s election as President of OPEC took place today at the ongoing 166th ordinary meeting of the Organisation, taking place in Vienna, Austria.

She becomes the first female to be elected into that position, and replaces Libya’s Vice Prime Minister for Corporations, Abdourhman Atahar Al-Ahirish, who was occupying the position.

Before her election, Mrs. Alison-Madueke was the alternate president of OPEC and is expected to immediately begin to serve her one-year term at the helm of OPEC affairs.

It is expected that OPEC, during its ongoing 166th meeting, would make key decisions that could halt the dwindling price of crude oil.

Diezani K. Alison-Madueke, born 6 December 1960, became Nigeria’s Minister of Transportation on July 26, 2007. She was moved to Mines and Steel Development in 2008, and in April 2010 was appointed Minister of Petroleum Resources.

In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries, OPEC is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.