U.S. study finds billions of Iraqi oil missing

May12, 2007
U.S. study finds billions of Iraqi oil missing

NEW YORK (Reuters) - Billions of dollars' worth of Iraq's declared oil production over the past four years is unaccounted for, possibly having been siphoned off through corruption or smuggling, The New York Times said on Saturday.

Between 100,000 and 300,000 barrels of Iraq's daily output of roughly 2 million barrels is missing, it said, citing a draft report prepared by the U.S. Government Accountability Office and government energy analysts which is expected to be released next week.

The discrepancy was valued between $5 million and $15 million daily, using a $50 per barrel average, the report said. That adds up to billions of dollars over the four years since the March 2003 U.S.-led invasion of Iraq.