Empire strikes back

31 May 2016 By Andy Critchlow

Oil prices could get a boost if bickering members of the cartel can put aside their differences and select a new secretary general. Nigerian Mohammed Barkindo looks like the candidate most capable of getting OPEC functioning, and restoring its image among non-members like Russia.

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The Organization of the Petroleum Exporting Countries meets on June 2 to discuss policy and select a new permanent secretary general.
Member states Iran and Saudi Arabia failed in April to agree on a production freeze with major producers outside the oil producing cartel, such as Russia.
Approval of all 13 members is required to name a new secretary general to replace acting head Abdullah al-Badri.
Nigeria’s Mohammed Barkindo, former head of the country’s state oil firm NNPC, was the likely choice, Reuters reported.
Crude oil prices have fallen 18 percent in the past year, to as low as $26 a barrel. Brent crude was trading at just below $50 on May 31.

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