Oil bunkering, another great form of lumpenproletarianism, agorism, and pan-secessionism. Predictably, the Council on Foreign Relations has a hair up their ass about it.
By John Campbell, Emily Mangan, Council on Foreign Relations
After resuming from recess, the Nigerian Senate pledged to increase the country’s oil revenue by reducing oil theft. Doing so would greatly increase Nigeria’s total oil exports and reduce oil spills that cause severe environmental damage in the Niger Delta.
Every day, oil companies in Nigeria lose between 300,000 and 400,000 barrels of oil to illegal theft. Theft accounts for roughly 15 percent of Nigeria’s 2.4 million barrels per day produced. Oil theft, or “bunkering,” occurs throughout the Niger Delta, where pipelines crisscross the region. Oil export revenue accounts for 70 percent of Nigeria’s total government revenue and 95 percent of the country’s export income. A loss of 300,000 barrels a day costs the government roughly $1.7 billion a month. In comparison, only 5,000 to 10,000 barrels are stolen per day in Mexico, which produces a comparable amount of oil. Despite efforts by the Nigerian government to curtail bunkering by increasing security, theft and pipeline vandalism continues.
Categories: Anti-Imperialism/Foreign Policy, Economics/Class Relations
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