By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Organisation of Petroleum Exporting Countries (OPEC)  on Thursday elected Nigeria’s minister of Petroleum, Diezani Alison-Madueke as new president for 2015 succeeding Libya’s Abdourhman Ataher Al-Ahirish; as its says no Production cut amidst falling oil prices.

According to the report, Alison-Madueke, Nigeria’s minister of Petroleum earlier in June was proposed as a candidate for secretary-general of OPEC and now has been elected new president for a one (1) year tenour.

A statement from OPEC affirmed that at 166th meeting of the conference of OPEC, a 12-member group, which supplies about 40 percent of the world’s oil, has decided to maintain the production level of 30 million barrels a day as was agreed in December 2011.

OPEC affirmed that as always, in taking the decision, member countries confirmed their readiness to respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market.

This is coming on the heels of a decline in the prices of oil from last month as world demand growth decreased and production in the U.S., the world’s largest consumer, rose to the highest in three decades. Brent crude has lost around a third of its price from $115 a barrel.

The organisation is battling the challenge of how to preserve its share of the world oil market while maintaining a price that suits its members.

According to a CNBC report, Alison-Madueke, newly elected president of OPEC said that non-OPEC oil producers had to “share the burden” of any future cut in production.

Affirming that the organisation is hoping over the next year to see more stability in the production and supply of oil in the world.