While the cartel was not able to reach an agreement on production targets, it was able to agree on a new secretary-general. The group agreed to appoint Nigeria’s Mohammed Barkindo to the post.

“The fact that OPEC has decided to elect a secretary-general today after so many years of haggling is in itself a positive signal not only to the market but to the international community that OPEC is back, stronger,” Barkindo told reporters after the meeting. “I am determined to make a difference in this job.”

The Organization of Petroleum Exporting Countries (OPEC) failed once again to agree on production targets. The group met on June 2 to come to a consensus on the steps to take combat low crude prices.(Source: Africa Petroleum)