Pemex Losses to Theft in 2011

In 2011, the Mexican government-controlled oil producer Pemex reported losing 3.35 Million barrels of fuel to oil smugglers. In 2010, the company lost 2.16 Million barrels of fuel. The estimated losses for the company in revenue to the oil theft and smuggling is around $1 Billion.

Back in 2008, oil theft cost the company $700 Million.

The oil theft has a severe impact on Mexico’s federal budget, as profits from Pemex pays for one-third of the government’s federal budget.

Source:  “Oil theft in Mexico: Black gold on the black market,” Economist, August