The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has been elected as the first female President of the Organisation of Petroleum Exporting Countries at the 166th meeting of the body in Vienna, Austria.

Alison-Maduke takes over from Libyan Vice Prime Minister for Corporation, Abdourhman Atahar Al-Ahirish, and her tenure takes effect from January 2015. Before her emergence, she was the Alternate President of the Organisation.

The conference, according to a statement from the Nigerian National Petroleum Corporation on Thursday, also elected the Minister of Energy and Industry of Qatar and Head of its delegation, Dr Mohammed Bin Saleh Al Sada, as Alternate President.

Alison-Madueke said the United States Shale oil and gas had a lot of impacts on all major oil and gas producing economies stressing that it was a major game changer for all stakeholders in the energy mix across the globe.

The petroleum minister noted that in the months ahead, OPEC would provide a veritable platform for member countries to find a remedy and deal with the issue frontally noting that there were no quick fixes to the sliding oil prices.

The new OPEC president stated that the burden of falling oil prices was impacting on both OPEC and non OPEC member countries.

Alison-Madueke said that the current trend would make Nigeria to look very stringently again at the Petroleum Industry Bill which was already before the National Assembly to ensure that the enablers therein were explored.

On plans by the Federal Government to prepare for the global fall, she said Nigeria had no recourse at this point in time other than to fully develop her gas infrastructure for domestic use.

Rising from the 166th Ordinary Conference, OPEC member countries decided that in the interest of restoring market equilibrium, current production level of 30 million barrels per day as was agreed in December, 2011 should be maintained.

The conference also confirmed the readiness of member countries to respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market.

OPEC also directed its secretariat to step up its close monitoring of developments in supply and demand as well as non fundamental factors such as speculative activity http://www.punchng.com/news/opec-elects-diezani-first-female-president-nnpc/

congrats mam.

Congrats Sweetheart.

congrats Madam. we r getting some where.am very optimistic abt our beloved country. nigeria will positively change some day #myOpinion