Nigeria, Mexico, Iraq, Russia and Indonesia have been identified as the oil producing nations with the highest crude oil theft in the world.

According to Oil Price, as much as 400,000 barrels of oil a day are stolen (or deferred) in Nigeria, equating to losses of $1.7 billion a month.

This represents 7.7 per cent of Nigeria's GDP vanishing; more than the country spends on education and healthcare. Oil theft hit record levels in 2013.

These numbers paint a harsh picture about the inability of the Nigerian government, and the multinational oil companies in the Niger Delta, to do anything about this rampant theft.

According to Global Financial Initiative, 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.

“With one group of thieves admitting to profits of nearly $7,000 a day from their illicit activities, it will take some doing to stop them," it stated.

In Mexico, Carlos Morales, the former head of Pemex’s Exploration and Production subsidiary, admitted that fuel theft was growing 30 per cent annually in Mexico, for a total theft of 5,000 to 10,000 barrels per day.

The development has been attributed to powerful drug cartels like the Zetas realising the potential of the black gold being pumped through territory they control.

In Iraq, oil smuggling was institutionalised in the days of Saddam Hussein; one US Senate estimate is that the Baath regime pocketed $21.3 billion from the UN Food-for-Oil programme.

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drshrewd: all hail the the man from otueke. stealing is not corruption it is just ordinary he has broken record in all indexes of stealing to the extent of encouraging and institutionalizing it. The Rivers government bought two surveillance jet to checkmate oil theft in the region but they were seized and grounded by mr 'ordinary stealing' to allow his stealing cronies the full taste of the oil money. he pays billions of naira to ex militant to secure oil vessels and pipelines yet oil theft is all time high. what a president with great penchant and predilection for corruption

drshrewd: all hail the the man from otueke. stealing is not corruption it is just ordinary he has broken record in all indexes of stealing to the extent of encouraging and institutionalizing it. The Rivers government bought two surveillance jet to checkmate oil theft in the region but they were seized and grounded by mr 'ordinary stealing' to allow his stealing cronies the full taste of the oil money. he pays billions of naira to ex militant to secure oil vessels and pipelines yet oil theft is all time high. what a president with great penchant and predilection for corruption

drshrewd: Nigerian really deserve the leaders they have. these two posters above are typical Nigeria sycophants! imagine people publicly cheering evil I am am a bonny man from Rivers state and am deeply involved in the oil and gas industry as such i can school you about the shady deals going on in the industry and the principal players. i just pity this generation of sycophants

cocoduck:
What do you know about oil theft? the owners of the land are the ones doing it. That is their own way of benefiting from the natural resource in their land. I don't see anything wrong with it. I am not from the Niger delta so I care not. if there was a proper resource control in Nigeria this would not have been an issue. the way you make your bed so you shall lie on it. don't blame the president.

cocoduck:
I am by no means a sycophant. I only said I don't care about the oil theft, it is their land and let them have the benefits. as an igbo man I can't lay any claim on anything oil in Nigeria so let those who can, do so. if Nigeria burns today I care less all my life I have been paying for everything I have albeit some by my parents.
If there was a proper resource control this would not have been an issue. and I am not sure you are from Bonny. if you were from there you would not have been sad about the situation because when you bring ant infested wood into your house you should not complain if lizzards pay you a visit. common sense is the only thing that is not common

desgiezd:



It is so, so sad seeing a Nigerian talking this way! Do we now say because oil is gotten from the ND then we should condone stealing? Do you realise what the money from the stolen oil would have done for even the down trodden ND people? Have you noticed that the stolen oil only goes to the pocket of a very few? Have you also realised that monies that have been stolen by people in government - past and probably present along with money from stolen oil may likely be part of the funds being used to fund Boko Haram thereby putting the lives of ordinary Nigerians in jeopardy?

Please change your line of thought!

cocoduck:

What do you know about oil theft? the owners of the land are the ones doing it. That is their own way of benefiting from the natural resource in their land. I don't see anything wrong with it. I am not from the Niger delta so I care not. if there was a proper resource control in Nigeria this would not have been an issue. the way you make your bed so you shall lie on it. don't blame the president.

SLIDEwaxie: imbecil-e

drshrewd: Nigerian really deserve the leaders they have. these two posters above are typical Nigeria sycophants! imagine people publicly cheering evil I am am a bonny man from Rivers state and am deeply involved in the oil and gas industry as such i can school you about the shady deals going on in the industry and the principal players. i just pity this generation of sycophants