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OPEC expected to select new Secretary-General at the upcoming meeting in Vienna next week

Friday, 27 May 2016 13:48

(Ecofin Agency) - There is a possibility that the Organization of the Petroleum Exporting Countries (OPEC) at its meeting in Vienna on June 2, 2016, will select a new head to replace the current secretary-general.

OPEC is closing in on a substitute for, Abdalla Salem el-Badri, who was supposed to have retired since 2013 but stayed since the group has not been able at a decision to choose a new leader.

According to OPEC representatives, deciding on a new leader would be a decisively indicative experiment for the group as the decision to ease the oil market have so far ended disputes.

This should give us an idea if things are getting smoother or even tougher than before,” an OPEC delegate said.

Nigeria has voted Mohammed Barkindo, the former Group Managing Director of the Nigerian National Petroleum Corporation (OPEC) as Barkindo had once worked as acting secretary-general of OPEC.

Venezuela is recommending Ali Rodriguez, a veteran OPEC representative for the Latin American country.

While Indonesia, is also nominating a secretary-general applicant, according to OPEC and Indonesian representatives.

However, officials from Iran, Saudi Arabia and other Persian Gulf members have said that they support Mohammed Barkindo due to his experience as well as the fact that he is from an African country that does not choose sides when it comes to Middle East power struggles, Nasdaq news reports.

The 13-member oil cartel, which manages over a third of the world’s crude-oil output has not been able to agree on anything ever since the prices of crude oil started its downward trend nearly two years ago.

Not less than six months after Iran’s sanction was lifted, the country is not far off recovering normal oil export volumes, thereby adding more barrels to the market helped by the supply troubles from Canada to Nigeria.

But this will not help in mending dialogue, neither will it help in achieving a production cut at the meeting amidst growing political strains between Iran and Saudi Arabia.

 

Anita Fatunji

 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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