Pirates are even turning their backs on oil

by Jeff Springer February 17, 2016, 9:16 am 253 Views

Crude oil has become so cheap that even Nigerian pirates are turning their backs on oil rigs that pass through their waters.

A Bloomberg report Monday noted that attacks on vessels shipping oil in the Gulf of Guinea in West Africa have dropped by one-third in the past year while oil prices crashed.

The gulf includes the Atlantic waters just south of Nigeria, Africa’s largest oil producer and OPEC member.

While the region has been plagued by oil thefts and illegal shipments in the past, pirates are now picking vessels that may contain more value.

The report didn’t suggest at what price pirates turned away from oil, although Bloomberg believes attacks will pick back up when prices start to rise again.

Read the full report at Bloomberg here.

Share1

Oil Prices pirate attacks pirates

Written by Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.