The Minister of State for Petroleum Resources, Dr. Ibe Emmanuel Kachikwu, has officially been appointed as the new president of Organization of Petroleum Exporting Countries (OPEC), thus replacing the immediate past Petroleum Minister, Diezani Alison- Madueke, who was named as first female president of the oil cartel during its 166th Ordinary Meeting in November 2014.

While unfolding his plans for OPEC, Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), promised to ensure delay in Iran’s intended oversupply of crude oil in order to control pricing.

The NNPC, via its newly verified Twitter handle, @NNPCgroup congratulated Kachikwu and wished him well.