The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has been elected the first female president of the Organisation of Petroleum Exporting Countries (OPEC).

Alison-Madueke was  elected President of OPEC Thursday at the ongoing 166th General Meeting of the body in Vienna, Austria.

She replaces former President of OPEC, Libyan Vice Prime Minister for Corporations, Abdourhman Atahar Al-Ahirish.

She was before her election this morning the alternate president of OPEC and is expected to immediately begin to serve her one-year term at the helm of OPEC affairs.

OPEC is expected to at the 166th meeting, take key decisions that could halt the dwindling price of crude oil.

Al-Ahirishhad in his opening remarks before the closed door meeting stated that ample supply, moderate demand, a stronger US dollar and uncertainties about global economic growth have been key factors in the recent price trend.

This, he noted, was in addition to the impact of speculative activities in the oil market.