Oil Is Now So Cheap That Even The Pirates Are No Longer Interested In Stealing It

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Feb 20th 2016, 12:00

A huge target. (Reuters/Tim Chong)

Cassie Werber, Quartz: Oil is now so cheap even pirates aren't stealing it any more

Stealing the oil from a ship is no mean feat.

Oil tankers are enormous, and ships that carry expensive cargo are designed to be difficult to board. Stealing can mean hijacking the original tanker, disabling its tracking devices, taking it to a location where it can't be spotted, and transferring thousands of heavy barrels to a different vessel that can then be sailed away. Stealing crude also means finding a buyer for it, or else getting involved in the messy and dangerous business of illegal refining.

Over the past six months, the price of oil has plunged due to a global oversupply. And for some pirates, it's just not worth stealing it any more.

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Update: I guess for these pirates it is now time to find another line of work.

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Oil Is Now So Cheap That Even The Pirates Are No Longer Interested In Stealing It

NOW THE NEWS IN FULL.....

KEEP SCROLLING TO THE END ...WE STILL GOT LOTS MORE .......

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