Nigeria Losing of $7 Billion Every Year to Oil Theft
IEA Report Confirms Loss of $7 Billion Every Year to Oil Theft
The International Energy Agency has released its latest Oil Market Report in which it confirms that the Nigerian government is losing an estimated $7 billion every year due to oil theft, illegal refining and high costs. This corroborates the Nigerian government previous estimates.
According to the report, most of the oil is lost to pipeline damage from sabotage. Nigeria’s output is the lowest it has been in two and half years after production fell to 1.95 million barrels per day (bpd).
Even with the drop in production, Nigeria remains Africa’s largest producer, just marginally ahead of Angola.