Ibe Kachikwu, Minister of State for Petroleum, has been named conference president of the Organisation of Petroleum Exporting Countries (OPEC).
This is coming on the heels of speculations that Nigeria’s Minister of Petroleum Resources, President Muhammadu Buhari, would take the top seat at OPEC, but the body in a recent update named Kachikwu as the head of the OPEC conference.
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The former Executive Vice-Chairman/General Counsel, ExxonMobil Companies, Nigeria, and oversight counsel, ExxonMobil Companies, Africa, said he would do his best to delay Iran’s intended oversupply of crude oil, to control pricing.
He said: “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 said 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 begin to address removing the 1.5mbpd production that is lying in the market internationally.” Kachikwu said.
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