Made up of the world's 13 oil exporters, Opec, which was founded in 1960, accounts for 40% of total world production and its members sit on about 73% of the world's proven oil reserves. Nigeria joined Opec in 1971 and has been a leading member of the group, producing a former secretary in one-time oil minister Rilwanu Lukman.
Yesterday, Dr Barkindo’s appointment was confirmed by Nigeria’s minister of state for petroleum resources, Dr Ibe Kachikwu. Dr Barkindo was recently nominated by the federal government for the position having led the NNPC from 2009 to 2010.
He also served as acting Opec secretary-general in 2006, as well as representing Nigeria at the group. Opec has been looking for a replacement for Libya’s Abdalla El-Badri, who was elected as acting secretary-general in December until the end of July after serving full terms.
Opec's former director of research, Chief Mike Olorunfemi, said: “Barkindo is competent and he has enough experience. He has been there before at that time, he acted as secretary-general but I am not too sure now what role he can play in fostering cohesion among the members, because when the market is slack as it is today, agreement is very difficult to reach.”
Over the last three years, Opec has tried unsuccessfully to find a replacement for the current secretary-general Abdullah El-Badri, who was due to stand down in 2012 after serving two terms in the role. However because no one suitable could be found, at Opec’s last meeting in December, Mr El-Badri’s term was extended until July.
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