OPEC projected in its latest monthly market report on Monday in Vienna that non-OPEC countries would supply 57.1 million barrels per day of oil on average this year, some 400,000 bpd less than predicted in January
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He said the conference reached a consensus on output and the election of Nigeria’s Petroleum Minister, Diezani Alison-Madueke, as first female President of the OPEC
Speaking to State House correspondents on Wednesday, Alison-Madueke, however, admitted that she was taking over the leadership of OPEC at a challenging period.
Her words: “This is a very challenging time as you know for OPEC and for the global crude oil wells as a whole
Kalu noted that Alison-Madueke’s election is an acknowledgement of her positive contributions to the international oil body while she held sway as Alternate President
Consequently, President Goodluck Jonathan has nominated her for the highly influential position as the 165th Ordinary Meeting of OPEC holds in Vienna, Austria.
He said that this level of production was required to lift billions of people out of poverty
In a monthly report issued on Thursday, OPEC said forecast demand for its oil in 2014 would average 29.56 million barrels per day, down 50,000 bpd from its previous estimate
“This would imply a further build in global crude inventories, which currently stand at high levels,” OPEC said in reference to the market outlook for next year