Opec countries

By: Economic & Finance Report

Opec (Conference of the Organization of the Petroleum Exporting Countries)  concluded its 168th meeting in Vienna, Austria.  Opec elected , Dr. Emmanuel Ibe Kachikwu presided as the new conference president.  Dr. Kachikwu is also Minister of State for Petroleum for Nigeria. 

As Opec president Dr. Kachikwu took over from former Nigerian petroleum minister, Ms. Diezani Alison Madueke. The president  of the Opec conference is elected yearly, with the term beginning Jan.  1. 

 At the current meeting, Opec decided to continue to watch  how the commidity market playsout throughout the first and second quarter. They decided to keep the output levels at 31.5 million barrels.  Their next meeting is scheduled June 2, 2016. -SB

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