By: Akeem Oyetunji The Organization of Petroleum Exporting Countries (OPEC) has extended the tenure of its Secretary-General, Abdullahi al-Badri till June 30, 2015.
Mr. al-Badri, a citizen of Libya has been the Secretary-General of OPEC since 2007 and he was initially billed to leave by December this year.
This decision reached Wednesday at its 156th Ordinary Meeting in Vienna, Austria, technically dashed the hope of Nigeria’s Minister of Petroleum Resources, Mrs. Deizani Alison-Madueke of becoming the first female Scribe of the body.
Following the deadlock between the two contending candidates of Saudi Arabia and Iran, Nigeria nominated Mrs. Alison-Madueke for the influential position.
The meeting expressed satisfaction with the $110 Brent crude oil price a barrel, which is far above its preferred price of $100 a barrel.
Also, the 12-member organization renewed its oil production ceiling of 30 million barrels per day (bpd) for the second half of 2014.
The next meeting of OPEC would take place on November 27, 2014.
