Sanjeev Verma: How the IoT Is Collapsing Different Oil and Fuel Theft Methods

7/10/2019 - 07:23

Oct 06, 2019—Oil theft is one of the biggest hiccups that affect the oil industry drastically in terms of financial losses. Since oil and its refined products are fungible substances, it is very easy for thieves to steal them without being detected. Around $133 billion worth of oil is stolen annually and sold illegally on the black market. This crude oil is then processed in artisanal refineries to produce low-quality petroleum products.