OPEC to name new president

OPEC to name new president

LONDON (Dow Jones): The United Arab Emirates Oil Minister Obaid bin Saif Al-Nasseri is to be the new president of the Organization of Petroleum Exporting Countries, confirmed an OPEC official yesterday.

Dow Jones had reported on Sunday that Al-Nasseri was to be the new president, citing a U.A.E. official.

Al-Nasseri replaces Indonesian Mines and Egergy Minister I.B. Sudjana as OPEC president, following the departure of Sudjana in an Indonesian cabinet reshuffle on Saturday. Al-Nasseri had last year been appointed alternate OPEC president.

OPEC was unable to give any more details or confirm whether Al-Nasseri's appointment was effective immediately.

Market watchers had earlier Monday noted that the appointment of Al-Nasseri may have an adverse impact on oil prices, since the U.A.E. minister is seen as less inclined to reduce OPEC's output ceiling.