Dr. Emmanuel Ibe Kachikwu, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has been appointed the new chairman of the Organization of Petroleum Exporting Countries (OPEC).
He is to replace former petroleum minister, Mr. Diezani Alison-Madueke, who sat atop the position before she ceased to be a minister.
Till his appointment to the NNPC, Kachikwu was the executive vice chairman/general counsel, ExxonMobil Companies, Nigeria, and oversight counsel, ExxonMobil Companies, Africa.
Speaking on his appointment, Kachikwu revealed his plans for OPEC, saying he would do his best to delay Iran’s intended oversupply of crude oil, to control pricing.
“I think the key thing will be obviously crude oil price. There is a lot of sensitivity on that, $42 currently and with potential to go down if Iran throws their barrels into the field,” he stated on a visit to Lagos.
“My first target as I meet with ministers one-on-one is to try to delay Iran’s flooding of the market to the last quarter of next year. I will be talking with Iran’s oil minister on that so that we can stabilise the price.
“Maybe, hopefully, by the first or second quarter of next year, we will begin to see how that statement can now embolden us to go and begin to address removing the 1.5mbpd production that is lying in the market internationally.”
Kachikwu stated his first summit at the helm on Friday “is going to be a trying meeting”.
Alison-Madueke was named the first female president of OPEC in November 2014, when she was elected at the 166th ordinary meeting of the organization.