An estimated 100,000 barrels of oil is being stolen each day from refineries in Nigeria.
The total value of the losses from oil theft in Nigeria is valued at $8 Billion a year. 90 percent of the stolen oil is smuggled onto vessels and shipped to foreign countries.
Previously, the reported amount of losses to oil smuggling in Nigeria was $6 Billion.
Nigeria exports 2 million barrels of oil each day and is the world’s 13th largest producer.
Source: Roberto A. Ferdman, “How to steal 100,000 barrels of oil a day, and get away with it,” Quartz, September 21. 2013.