Oil Theft in Nigeria

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.