Petroleum Africa
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Thursday, December 12, 2013
Nigeria’s minister of petroleum Diezani Alison-Madueke, has been named the alternate president for OPEC, effective January 1. Her appointment follows the election of Libya’s Minister of Oil and Gas, Dr Abdel Bari Ali Al-Arousi, as President of the Conference of OPEC for the same period of time.
Aside from the earlier appointments, the Conference also appointed Dr Ali Obaid Al Yabhouni, the UAE’s governor for OPEC, as Chairman of the Board of Governors for the year 2014; and Dr Bernard Mommer, Venezuelan Governor for OPEC, as Alternate Chairman for the same period, with effect from January 1. It was also decided that the tenure of Abdalla S. El-Badri as Secretary General would be extended for a period of one year.
The member nations also congratulated Bijan Namdar Zangeneh, and Mustafa J.M. Al-Shamali, on their appointments as Minister of Petroleum of the Islamic Republic of Iran, and Minister of Oil of the State of Kuwait, respectively. It equally thanked their predecessors, Rostam Ghasemi of Iran, and Hani Abdulaziz Hussain of Kuwait, for their contributions to the work of the organization.
During its latest meeting in Vienna the cartel reviewed the oil market outlook, focusing on supply/demand projections for 2014 as well the global economic outlook. OPEC concluded that the biggest challenge facing global oil markets in 2014, is the global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern. It was also noted that, although world oil demand is forecast to increase during 2014, this will be more than offset by the projected increase in non-OPEC supply.
OPEC has decided to maintain the current production level of 30.0 million barrels a day.
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