(Ecofin Agency) - Following rumors that the President of Nigeria, Muhammadu Buhari, might replace the past petroleum minister, Diezani Alison-Madueke, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, on Wednesday was named the new president of OPEC.  

Kachilwu while revealing his plans for OPEC, vowed to do his best to suspend Iran’s planned oversupply of crude oil, to regulate prices.

“I think the key thing will be obviously crude oil price. There is a lot of sensitivity on that, $42 currently and with potential to go down if Iran throws their barrels into the field. My first target as I meet with ministers one-on-one is to try to delay Iran’s flooding of the market to the last quarter of next year. I will be talking with Iran’s oil minister on that so that we can stabilize the price”, Kachikwu told Daily Post.