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Downstream Oil Theft: Global Modalities, Trends and Remedies

24/03/2017 - 12:30 - 14:00
Partner Event

Fuel is vital to human life, and everyone wants a discount. Across the globe, people are willing to break the law in order to pursue that discount.

Hydrocarbon crime – be it theft, smuggling, laundering or corruption – has become a significant threat not only to local and regional prosperity, but also global stability and security. Combatting this criminal activity is essential, yet is made difficult by the reality that many of those best placed to curb oil theft are those who benefit.

Whilst the decline of the price of crude oil (from $110.48 per barrel in June 2014 to merely $26.55 per barrel in January 2016) makes crude oil a less attractive commodity to steal, refined oil products continue to have significant financial windfalls. The theft of refined oil products also poses significant threats to the global economy and to the stbility of states and regions in which it is prevalent, not only because it deprives governments of billions of dollars in tax revenues.

This report, Downstream Oil Theft: Global Modalities, Trends and Remedies, by Ian Ralby for the Atlantic Council, is the first major study of refined oil theft, presenting ten case studies from around the globe. It examines the forms of hydrocarbon crime, who benefits, who suffers and how much is being lost to governments in the process. The report constitutes the first step to effectively addressing this pervasive, yet under-recognised threat to global security, stability and prosperity.

Chaired by the Global Initiative, the discussion will feature:

· Dr. Ian Ralby, Report author, Founder and CEO, I.R. Consilium

· Mr. Éric Besson, former French Minister of Industry, Energy and Digital Economy

· Amb. Richard Morningstar, former US Ambassador to Azerbaijan and Chair of the Atlantic Council's Global Energy Centre

A light lunch as well as coffee and tea will be provided.

 

Please register by sending an email to Jessica Gerken of the Global Initiative Secretariat: jessica.gerken@globalinitiative.net  

Location: 

WMO Building, Kruzel Hall (2nd Floor)