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Thursday, 27 November 2014

Nigerian Minister Becomes 1st OPEC Female President!

Diezian Alison-Madueke - OPEC President
The Minister of Petroleum, Diezian Alison-Madueke Thursday was elected as OPEC President at the 166th  Ordinary Meeting of the organization in Vienna, Austria, making history as first elected female head of the world body.

 Speaking earlier in Vienna, she voiced optimism that a final bill for the PIB could pass through very soon.

" We have done our own part and it is now with the National Assembly".

“We hope it pass very soon. The PIB will update the existing laws in the petroleum industry to ensure a win- win situation for both the oil companies and the country at large,” she said. conference President, H.E Abdourhman Ataher Al-Ahirish, said that world oil demand in 2015 will grow by around 1.1 million barrels per day, with total consumption at around 92.3 million barrels per day with the bulk of this net oil demand growth coming from non OECD countries.

He also disclosed that Non-OPEC oil supply is also anticipated to rise next year by 1.4 million barrels per day to average57.3 million barrels per day. The region of' OECD Americas' is expected to be the main non-OPEC contributor to this supply growth-supported by some increases in Brazil, he said.

Al-Ahirish, who is also the Libya's Vice President for Cooperatio further stated that the recent price developments signaled that the oil market is currently searching for stability and balance, which will be a focus of deliberations at the meeting.

By Lashley Oladigbolu

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