The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke has been elected the first female president of the Organisation of Petroleum Exporting Countries (OPEC).
Alison-Madueke was elected at the 166th Ordinary Meeting of the organization presently holding in Vienna, Austria.to replace Libyan Vice Prime Minister for Corporations, Abdourhman Atahar Al-Ahirish.
Before her election Thursday, she was the alternate president of OPEC.
Last year, she aspired to become the first female Secretary-General of the organization at the 165th Ordinary Meeting of OPEC recently but failed to cling the seat.
In his opening remarks before the closed door meeting, Al-Ahirish had explained that ample supply, moderate demand, a stronger US dollar and uncertainties about global economic growth have been key factors in the recent price trend.
The 166th meeting of OPEC is expected take key decisions that could reverse the dwindling price of crude oil in the international market.
He said the speculative activities in the oil market have also contributed to the dwindling oil price.