Ahead of his assumption of office as the new President of the Organisation of Petroleum Exporting Countries (OPEC), the Minister of State for Petroleum Resources, Dr. Ibe Emmanuel Kachikwu, has promised to tackle oil price volatility.
Kachikwu replaced 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.
Speaking during his tour of oil marketers’ plant in Lagos on Wednesday, the minister said the issue of oil price is very sensitive and should be addressed in order to stabilise the market.
