WIDER Development Conference 2023: Countering Global Oil Theft - Impact and Solutions
Governments of developing countries dependent on oil revenues are particularly exposed to oil theft, when these are not well diversified by other sources of (tax) income
EnergyCC was honoured to be invited to speak at the UNU-WIDER Development Conference, supported by Norad, in Oslo September 6-8, 2023. In one presentation EnergyCC focused on the impact of global oil theft and the solutions to counter this type of organized crime. Oil theft, misappropriation, and fraud are estimated at US$133 billion per year. Oil is the largest stolen natural resource globally, while fuel is the most smuggled natural resource. Oil theft equates to 5–7 per cent of the global market for crude oil and petroleum fuels. Twelve commonalities in oil theft and fraud have been identified that can direct international solutions, in three target areas: stolen oil volumes, stolen oil transport, and stolen oil money.
UNU-WIDER VIDEO ON OIL THEFT
https://www.youtube.com/watch?v=gWhy-DsvK_M
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