A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo, is the new Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC).
He replaces Libya’s Abdalla El-Badri, who had completed full terms.
OPEC has been looking for a replacement for El-Badri, who was elected as acting Secretary-General in December until the end of July after serving full terms.
The federal Government of Nigeria made clear its intention to send Barkindo in for the position early in March 2016, following, what an official called intense deliberations. His return to the OPEC headquarter is regarded as a ‘second tour of duty’ for the highly regarded technocrats who served as acting Secretary-General in 2006.
The news of his appointment however failed to dampen tension among member nations who met Thursday June 2 on out-policy, with Saudi Arabia and Iran locked in production supremacy war. They failed to agree on production ceiling.
Crude oil responded equally negatively to the dispute Thursday with prices tumbling. US crude for July delivery fell behind to $48.14 per barrel down 1.8% while the Brent fell 1.3% to $49.09 per barrel.
