Nigeria losing 73m barrels of oil per annum

Despite the rise in crude oil prices in the international market, Nigeria's economy may not reap the benefits due to the continued increase in theft and pipeline vandalism estimated to swallow 73m barrels a year. Vanguard reports that the country loses more than $7bn a year to oil thieves and vandals. The situation is made worse by the country's inability to meet the Opec's production quota of 1.8m barrels per day which resulted in the government recently announcing a reduction in the export target to 1.6m barrels per day while other countries in the cartel are striving to exceed their quota.