Nigeria Loses $7bn To Oil Thefts Yearly

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The
International Energy Agency (IEA), in a monthly report on global oil production
on Tuesday, says Nigeria loses about $7 billion annually to widespread thefts
of crude oil in the country.
The agency noted that crude oil production in
Nigeria dropped to its lowest level in two and a half years in October to about
1.95 million barrels a day because of flooding in the oil-rich Niger Delta.
It also pointed out that Shell, Nigeria’s largest
oil producer, had said its quarterly results would be down about 20 percent due
to sever damages to its pipelines and thefts

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