Oil Has Become Too Cheap For Pirates To Steal

February 29, 2016 in Daily Bulletin

The falling price of oil is wreaking havoc in markets across the world, including the pirate one, writes Cassie Werber:

  • As we’ve reported before, rates of piracy have been in decline for a while now.
  • However, the little bit of piracy that did remain usually focused on oil tankers. The black gold could be siphoned off for a nice profit.
  • Now with oil prices having dropped by $100 in less than a year, to about $30 now, pirates seem to be calculating that it’s no longer worth the effort and are stopping their attacks.

It’s unclear what the drones will target next.

Read more here.

Source: Quartz