Massive Oil Theft By Pirates Costs Nigeria $1.5 Billion Every Month

Submitted by Irina Slav via OilPrice.com,
Depressed oil prices, rampant corruption, and pipeline vandalism are only parts of Nigeria’s oil problem. It’s now losing a massive 400,000 barrels of crude daily to pirates in the Gulf of Guinea, an amount equal to the entire daily export capacity of its Forcados terminal.
Overall damage from piracy, theft and fraud for Africa’s largest oil exporter is estimated at some $1.5 billion a month, according to U. S. deputy ambassador to the UN, Michele Sison, citing a Chatham House report.
Attempts by local governments and the UN to put a stop to piracy have met with some success, but the practice continues – shifting location and adapting to new security measures, so now the UN Security Council is calling for a comprehensive framework of measures aimed at eradicating it.

This post was published at Zero Hedge on 04/29/2016 –.