The Organisation of the Petroleum Exporting Countries, OPEC, on Thursday at its ongoing 166th Ordinary meeting in Austria, elected Nigeria’s Petroleum Minister, Diezani Alison-Madueke as President.

She became the first woman to be elected in the 54 year history of the organisation, as she replaces Libya’s Vice Prime Minister for Corporations, Abdourhman Al-Ahirish.

Preceding her election, Alison-Madueke was the alternative president of the oganisation and is expected to pilot the affairs of OPEC for one year.

OPEC is, however, expected to make key decisions that could put an end to the dwindling price of crude oil.

Part of OPEC’s mission is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.