Nigeria Tops Countries With Highest Oil Theft Rates, $22b lost in 10 years

In an editorial published by OilPrice.com, Chris Dalby lists countries that are most hit by oil theft. In his list, Nigeria was listed top of the list.

Nigeria

downloadBelieved to loose as much as 400,000 barrels of oil a day. This equates to losses of $1.7 billion a month for Africa’s new largest economy. This represents 7.7 percent of its GDP vanishing, or more than the country spends on education and healthcare.This situation has pushed several oil majors into divesting their holdings in the country. The Global Financial Initiative points out, “stolen Nigerian crude oil is transported on internationally registered vessels, sold to international buyers, processed by international oil refineries and paid for using international bank accounts.”

Others on the list are:

Mexico, Iraq, Russia, Indonesia

For the complete writeup, click here

In another story from Business Day, Nigeria has lost about 222 million barrels of crude between 2004 and 2014. More at Business Insurance

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