Oil theft 'provides billions for terrorists and drug cartels'

$1bn of oil is stolen in Mexico each year, while EU loses massive revenues, says the Atlantic Council thinktank

Oil theft is fuelling terrorist groups and drug cartels around the world, according to a new analysis.

Mexican drug gangs can earn $90,000 (72,000) in seven minutes from tapping a pipeline of refined oil, while insurgents in Nigeria financially benefit from a share of the third of the country's refined oil exports that is lost to theft, said the Atlantic Council.