This is a challenging time to take over as OPEC president, says Alison-Madueke

Diezani Alison-Madueke, minister of petroleum resources, has said considering the dwindling oil prices, it is a very challenging time for her to take over the presidency of the Organisation of Petroleum Exporting Countries (OPEC).

This is even as OPEC recently decided at its 166th meeting to maintain a total production level of 30 million barrels per day agreed upon in December 2011.

Alison-Madueke spoke while fielding questions from journalists at the State House, Abuja, on her preparedness to assume her position as president of the 12-member group which supplies about 40 percent of the world’s oil requirement.

“This is a very challenging time as you know for OPEC and for the global crude oil wells as a whole. Quite clearly, there has been a battle of wits between certain OPEC countries, the big players and certain non-OPEC countries who are big players in the world crude oil production market at this time.

“So it is a challenging time to take over as OPEC president at this time and our prayer of course is that we will be able to stabilise the crude oil prices over this period because it is critical.

“Even as we speak, Venezuela has gone into austerity measures and is measuring food because they were completely dependent on oil. Angola, Algeria, Iran are all under duress as is Nigeria because it has affected our budgetary benchmark. And even non-OPEC countries like Russia who will not cut production are already seeing a drop in the value of their Ruble”, she said.

The petroleum minister, who stated that the organisation is battling the challenge of how to preserve its share of the world’s oil market, while maintaining a price that suits its members, also confirmed that the OPEC will be calling for an exBASSEYtraordinary meeting early next year to re-strategise on how to enhance the stability in the production and supply of oil in the world market.

“So it is quite impactful on OPEC prices and what OPEC does in the global oil market. And so we will be watching very closely as president of OPEC at this time at what point we have to call OPEC extraordinary meeting and reconvene to see whether other strategies can be put into play.

“First of all, it wouldn’t have happened if the president had not had the courage to appoint a woman into the portfolio of Ministry of Petroleum Resources, which meant that I now head the country’s delegation to OPEC.

“I must say it happened about three and half years ago. I went into a body which is completely male dominated and mostly Arab dominated as well. But I have found that they have come to respect me and respect Nigeria’s voice over the last three years in OPEC very highly.”