By Amaka Akachukwu
Nigerian’s Minister of Petroleum Resources and Head of Delegation Mrs. Diezani Alision- Madueke added more feathers to her hat when she was appointed as the new alternate President for the Organisation of the Petroleum Exporting Countries (OPEC) for the next one year. Her appointment as alternate President becomes effective as from January 1, 2014.
The Conference was held in Vienna, Austria; and that also saw the appointment of Libya’s Minister of Oil and Gas, Dr. Abdel Bari Ali Al-Arousi as President of the Conference of OPEC for the same period of time as Alison-Madueke.
The conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for 2014 as well as the global economic outlook, again noting the high sovereign debt in the Euro-zone; high unemployment in the advanced economies, especially the Euro-zone; and slow growth, coupled with inflation risk, in the emerging economies.
According to OPEC, “The biggest challenge facing global oil markets in 2014 is this global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern”.