CNN reported today on the ISIS takeover of sections of Iraq and Syria and the potential outcome of further oil sales by the barbaric terrorist group that has reportedly beheaded children in its captured territories.
“ISIS control just a few marginal fields in Iraq’s north, but they are enough to fund the terrorist group’s self-sufficiency,” CNN reported.
“A month ago, the ISIS–controlled oil market in Iraq was reported to be worth $1 million a day. Now, with expansion, further control of oil fields and smuggling routes, the market is believed to be raising around $2 million a day. This could fetch them $730 million a year, enough to sustain the operation beyond Iraq.
“In the short to mid-term, the impact will be minimal as Iraq’s south is its dominant producer. However, there are enough rich assets in the midlands and the north part of Iraq that ISIS could reach out to, a potential capacity that could ramp up to a million barrels a day — from its current 30,000 barrels a day — should they seize control the oil-rich city of Kirkuk and its surrounding districts.
“If they succeed in controlling those assets, cash inflow could stretch their empire of terrorism beyond imagination. But so far, ISIS oil trading has remained local with buyers in Jordan, Turkey, Syria and Iran via middlemen network and truck owners,” CNN said in an article by Brookings Doha Fellow Luay al-Khatteeb.
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