An oil heist in Libya cost the government hundreds of millions of dollars

Libya’s oil production problems extend far beyond whether the forces of Tripoli or Benghazi secure ultimate control over the country: Clan-based militias are running their own smuggling operations, and their mafia reach is said to extend as far as the Coast Guard-and even into Europe.

This smuggled oil is making its way into Europe, and Libya authorities say it has cost the state US$360 million so far, at a time when the country is producing only 715,000 barrels per day, down from its Ghaddafi heydays of 1.6 million bpd.

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Source: http://markets.businessinsider.com/

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