Arab Today, arab today nigeria lost at least 100000 barrels of oil per day
Last Updated : GMT 18:01:58
Arab Today, arab today
Arab Today, arab today

Threatening the integrity of financial markets

Nigeria lost at least 100,000 barrels of oil per day

Arab Today, arab today

Arab Today, arab today Nigeria lost at least 100,000 barrels of oil per day

Man carries bucket of crude oil at an illegal refinery in Nigeria's Bayelsa state
Abuja - Arab Today

Man carries bucket of crude oil at an illegal refinery in Nigeria\'s Bayelsa state Nigeria lost at least 100,000 barrels of oil per day, around 5% of total output, in the first quarter of 2013 to theft from its onshore and swamp operations alone, a new Chatham House report estimates. This illicit oil is likely to have found ready buyers in West Africa, the US, Europe and several Asian countries.
Stolen Nigerian crude and the profits from it are laundered around the world, threatening the integrity of financial markets and the legitimate oil business. Within Nigeria, the world’s 13th largest oil producer, the practice is tied to political violence, corruption and instability.
Despite this, no Nigerian oil thieves have been prosecuted internationally, and knowledge of the illegal business and its practitioners remains poor, says Nigeria’s Criminal Crude: International Options to Combat the Export of Stolen Oil.
Criminal Crude – the first independent, in-depth report on the international dimensions of Nigerian oil theft – explores the problem in the context of legal trading markets and Nigeria’s own oil sector and political culture.
The report describes oil theft as a species of organized crime that is almost totally off the international community’s radar.
Nigeria cannot resolve the problem alone, but it needs to take the initiative to develop an achievable strategy with its foreign government partners. Even then, much more intelligence is needed to connect the very complex issues and range of actors involved.
“Foreign governments may want to say this is not their problem,” says co-author Aaron Sayne, “But without better knowledge of how oil theft affects security and strategically important markets, not every government can say so with confidence.”
Criminal Crude offers a four-point framework for states seeking to take first steps against Nigerian oil theft.
First, Nigeria and its foreign government partners should prioritize the gathering, analysis and sharing of intelligence on oil theft. The report offers preliminary conclusions about how much oil is stolen, how the oil and money move globally and the links between oil theft and insecurity. It highlights knowledge gaps and points out specific priorities for investigators overseas.
Second, Nigeria should consider taking other steps to build the confidence of foreign government partners. Interviews for Criminal Crude found officials in other countries willing to act on oil theft, but only if Nigeria takes some serious steps first.
Third, other states should begin cleaning up parts of the trade they know are taking place within their borders. This could involve tracking ships by satellite; investigating possible links between crude theft, drug smuggling or terrorism; following international money trails; or targeting known thieves through “smart sanctions.”
Fourth, Nigeria should articulate its own multi-point, multi-partner strategy for addressing oil theft. Most international initiatives would require Nigerian cooperation to succeed, and the stolen oil trade is a Nigerian problem first. The Nigerian government is likely to have the best intelligence on how the business works.
The analysis in the report finds that there are no easy answers: tackling this form of transnational organised crime is about making smart choices with tools that work, in a high risk environment where political will easily waivers. Criminal Crude provides a solid basis for greater international engagement on the trade in stolen Nigerian oil.
“A key issue is how much other stakeholders such as international oil companies, oil traders and shippers would be willing to contribute at the risk of undermining their relationships, reputations and capacity to operate in Nigeria,\" says Christina Katsouris, co-author.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nigeria lost at least 100000 barrels of oil per day Arab Today, arab today nigeria lost at least 100000 barrels of oil per day

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday