(Ecofin Agency) - The Organization of Petroleum Exporting Countries (OPEC) has at last appointed the former group managing director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo (photo) as the new secretary-general of the group.

Barkindo is to replace Abdalla El-Badri, the 27th secretary-general of OPEC, whose term in office kept getting extended since 2013.The former GMD of NNPC, is to begin his term in July 2016.

OPEC announced the appointment at the meeting in Vienna on Thursday where the 13-member cartel failed again to arrive at a decision to cut oil production to bolster prices which has been on a downward trend since mid-2014.

Brent futures was down by 1.03% at, $49.21 per barrel on Thursday, while the West Texas Intermediate was down 1.31% at $48.37 per barrel.

During the meeting, Saudi Arabia vowed not to overflow the oil market with more barrels while Iran insists on the right to increase production, Reuters reports.Internal tensions between Saudi Arabia and Iran have been the highpoints of more than a few previous meetings but it was a surprise when tensions between the two countries were less critical on Thursday as Khalid al-Falih, Saudi’s new energy minister, revealed that the country wants to make peace.“We will be very gentle in our approach and make sure we don't shock the market in any way. There is no reason to expect that Saudi Arabia is going to go on a flooding campaign,” Falih said.

Anita Fatunji