Nigeria is the world's 13th largest producer of oil. A new report has discovered that thieves are stealing oil from the country. In addition to that the country's top leaders are actually profiting from the theft. New York times reported that an average of 100,000 barrels a day is being stolen. It has been discovered that the thieves are able to be successful with stealing oil because security officials are helping and covering up the theft in order to gain a profit as well. With the increase in theft it has caused a significant loss in production. The lack of production is obviously resulting in a loss of revenue.
The larceny so easily goes unnoticed because of the various discrete techniques used. New York Times also reported that Nigeria suffered theft of oil through tank farms and also siphoning oil from pipes on land or underwater. It has also been released that the main reason for the theft is because of the high oil prices. Since oil is used for practically everything. Most of the oil that is stolen is not all being exported. The thieves are using it in Nigerian swamps as well. With the high gas prices that the United States is experiencing the demand for oil is increasing in other countries. Because of globalization the United States will not lack as much because they are able to fulfill that resources elsewhere. Nigeria, on the other hand, does not have that same power and therefore every barrel of oil that is stolen causes a significant amount of loss.