KUWAIT FINGERED IN NIGERIA’S DEEP OIL MESS

RECESSION:KUWAIT FINGERED IN

NIGERIA’S DEEP OIL MESS

BY ABDULMUMINI ADEKU

 KUWAITI OIL OFFICIALS ARE SMARTER THAN NIGERIA'S

The Oil Rich Gulf State of Kuwait has being held responsible for the economic climate no hovering over Nigeria.

In an exclusive Check By the News Office Desk of Paedia Express Multimedia in Lagos,Nigeria,a source  had put the blame entirely on the oil czars in Kuwait who were able to outsmart Nigeria via the fixation of a cheaper price which India who were formally one of our biggest trading partners fell for.

The source explained to this reporter that as soon as the Indians who were buying massively from Nigeria knew that could do business with the Kuwaitis at a far cheaper price they decided to abandon our oil .

According to the source ,by the time members of the Nigerian Oil Industry got wind of hat was on ground regarding the Kuwaiti oil coup,the deed had already being done and the wind of recession had set in into the nation’s national life as the nation was only oil focused and did not have a diversified economy.

Meanwhile ,the Inetrnational Energy Agency[I.E.A]has declared that the demand growth as slowing down while supply was on the rise meaning the glut was now due to linger at least through the first half of next year.

Global oil demand is now expected to grow by 1.3 million barrels per day in 2016 to 96.1 million barrels per day from its original forecast of 1.4 million barrels per day growth.

The I.E.A. also trimmed its demand growth forecast for 2017 by 200,000 barrels per day to 97.8 million barrels per day.

According to the Business Standard Newspapers, Oil prices surged over 5 per cent on news that the Organization of Petroleum Exporting Countries (OPEC) had reached an agreement to freeze output, even though rates dropped a bit in early trade on Thursday as traders took profits following overnight gains.
UK Brent crude dipped 37 cents to $48.32 a barrel on Thursday morning on the London ICE Futures Exchange, after rising to $49.09 on Wednesday, while US West Texas Intermediate fell 18 cents to $46.87 on the New York Mercantile Exchange.
Describing the OPEC Algiers meeting as "historic", the current head of the producers cartel, Mohammed Bin Saleh Al-Sada of Kuwait, said at a press conference after Wednesday's meeting that members agreed to cap oil output between 32.5 and 33 million barrels a day.
Al-Sada noted that after a six-hour meeting, the 14 members agreed to reduce oil output, adding that a committee has been set up to consider the output share of each member nation.
A report would be drawn up by the committee, and then filed at the next OPEC meeting due in Vienna in November, he said.