Despite High Prices, Oil Piracy Is In Decline

Oil piracy is as old as the industry itself, with criminals unable to resist the profits associated with black gold. Today, while the problem still persists in several parts of the world, effective monitoring and security systems have massively reduced the threat posed by oil pirates. In 2021, global piracy hit its lowest level since 1994. In fact, the most high-profile oil piracy accusation of recent times was of a very different nature from the usual oil pirate reports. Greece accused Iran of piracy after Tehran's Revolutionary Guards seized…