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FG sure of OPEC Sec General candidate – Kachikwu

In respect to OPEC’s biannual general meeting holding today, June 2 in Vienna, Minister for State Petroleum and Resources, Ibe Kachikwu, has said Nigeria is optimistic about its candidate, Mohammed Barkindo to replace the Group’s Secretary General, Abdulla El-Badri.
He said this in Vienna on Wednesday.
“Nigeria is absolutely confident about its candidate to replace OPEC Secretary General Abdulla El-Badri. Nigeria’s candidate, Mohammed Barkindo, briefly headed the Nigerian National
Petroleum Corp. and was OPEC’s acting secretary-general in 2006 after serving for a number of years as one of the country’s representatives to the producers’ group.
Meanwhile, U.A.E. Oil Minister, Suhail Al Mazrouei has said that the oil market is moving in the right direction due to the drop in production some of its members are experiencing.
“The market will fix itself to a price that is fair to the consumers and to the producers,” he said.
While Saudi Arabia — the architect of the Organization of Petroleum Exporting Countries’ current policy remained silent , ministers from the United Arab Emirates and Nigeria
signaled that the strategy of letting low prices eradicate surplus production is working.
Some of the world’s biggest oil traders said accelerating demand is also helping to rebalance the market.
“The market will fix itself to a price that is fair to the consumers and to the producers.”
Those comments suggest renewed optimism among producers after oil prices rose more than 85percent in New York since touching a 12-year low in February.
There were still signs of division in the group, with Venezuelan Energy Minister Eulogio Del Pino saying Wednesday, the price recovery had more to do with unexpected supply disruptions than a successful.
“I think the market trends are better now” and the sense of urgency that spurred producers to mull an agreement to freeze production in April has dissipated”, Emmanuel Ibe Kachikwu, told reporters in Vienna.
While prices are moving “in the right direction, I think it needs more acceleration of the pace,” he added.
While Venezuela’s Del Pino lamented the failure of the freeze agreement, which Saudi Arabia blocked because Iran would not participate, he said unplanned disruptions in Canada, Nigeria and Kuwait had effectively capped crude production.
“If you take into account what happened in the last three or four months,” there has been a “de facto” freeze, Del Pino told reporters in Vienna.
More than 3million barrels of daily production are out of the market, he said.

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