Diezani loses bid to become OPEC Sec Gen

                      The tenure of al-Badri was extended till June 30, 2015

THE ambition of Nigeria and Nigeria’s Minister of Petroleum Resources, Diezani Alison-Madueke, to become the Secretary General of the influential Organisation of Petroleum Exporting Countries (OPEC) was dashed on Wednesday.

This followed the decision of the members of OPEC to extend the tenure of the incumbent Secretary General, Abdullah al-Badri.

The decision subsequently dashed the move by Nigeria to produce the secretary general. The move came to the open on Tuesday.

However, at its meeting on Wednesday, the OPEC members decided to retain the current occupier of the position.

The initial proposal to have Alison-Madueke to occupy the position was to solve the deadlock over the post created by opposing candidates from Saudi Arabia and Iran, Iraq’s Oil Minister, Abdul Kareem Luaibi, said.

Meanwhile, OPEC agreed on Wednesday to renew its oil production ceiling of 30 million barrels a day for the second half of the year in a widely anticipated decision.

The 12-member organisation is satisfied with the $110 Brent crude oil price a barrel, which is above its preferred price of $100 a barrel, the ministers said.

Two member countries, Libya and Iran, are producing well below capacity because of civil conflict and sanctions respectively, helping to support prices.

In its end of meeting communique confirming the decision, OPEC also said the next meeting would take place on November 27.