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Billions of dollars of oil missing in Iraq

Between 100,000 and 300,000 barrels a day of Iraq's oil is unaccounted for during the last four years, says a new report.

The missing oil could have been siphoned off through corruption or smuggling, said the draft report by the US Government Accountability Office. The missing oil, valued at $5 million to $15 million daily, is a fraction of the roughly 2 million barrels pumped daily in Iraq, the New York Times reported Saturday. But the findings reinforce suspicions that a significant part of Iraq`s oil is being stolen or sabotaged by smugglers, insurgents and corrupt officials, the Times reported. Iraq and the US State Department are under pressure to show progress in Iraq by raising oil production levels, which have been well below the United States' goal of 3 million barrels a day. Virtually the entire economy of Iraq is dependent on money raised from the sale of oil. (