(Ecofin Agency) - Mohammed Sanusi Barkindo (photo), the Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has officially assumed office as the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria.

According to a statement from OPEC, the new Secretary-General was on August 1, 2016, officially handed over to the 14-member cartel’s Abdalla Salem El-Badri, who led the group since January 1, 2007.

Appointed to the post on June 2, 2016, for a three-year term at the 169th meeting in Vienna, Barkindo became the 28th Secretary-General of OPEC and the fourth Nigerian to occupy the post, after Chief M.O. Feyide, Dr. Rilwanu Lukman, and Dr. Edmund Daukoru.

Mohammed Barkindo has been described by OPEC as an accomplished oil technocrat and veteran of the group’s affairs and with him comes a wealth of experience in the global oil and gas industry, This Day reports.

Meanwhile, the prices of crude oil in the global market have dropped by over 3% to around $42 per barrel amidst rising concerns about glut in the market.

Output from OPEC increased in July, the highest in recent history, as Iraq pumped more and Nigeria sends out more crude exports in spite of attacks on oil installations by militants.

Brent crude was down by $1.47 to $42.06 per barrel after a session low at $41.87, while US West Texas Intermediate (WTI) dropped to $39.86, the lowest since April 20.

Anita Fatunji