Street vendors selling diesel and gasoline wait for customers along a street in the Islamic State's stronghold of Raqqa (Reuters / Stringer)
Islamist Terror Group Earns $800 Million a Year From Oil Sales -- Bloomberg
The Islamic State is earning about $2 million a day, or $800 million a year, selling oil on the black market, according to one estimate.
The terrorist group is producing 50,000 to 60,000 barrels a day, according to a report released today by Englewood, Colorado-based IHS Inc. It controls as much as 350,000 barrels a day of capacity in Iraq and Syria.
The Islamic State has been targeted by U.S.-led airstrikes after posting videos showing the beheadings of journalists and aid workers. Extremist groups typically rely on foreign donations that can be squeezed by sanctions, diplomacy and law enforcement. Today’s report echoes U.S intelligence officials and anti-terrorism finance experts interviewed by Bloomberg News in August, who also determined the group was selling oil at $25 to $60 a barrel, creating a group that resembles Taliban with oil wells.
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More News On The Islamic State's Oil Business
Islamic State fuels terrorist operations with oil production -- Fuel Fix
Islamic State produced $2 million of oil daily before U.S. strikes, firm finds -- Haaretz/Reuters
IHS examines Islamic State's oil wealth -- UPI
ISIS earned $2mn per day on illegal oil trade prior US-led strikes – report -- RT
Islamic State Militants Are Raking In $800 Million A Year From Black Market Oil Sales -- Business Insider
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