Newslines lets you create cool news timelines about your favorite people and products. Register now!

Controls eight oilfields

28 Aug, 2014

ISIS is reported to control eight oil and gas fields in the Syrian provinces of Raqqa and Deir Ezzor that produce 30,000-70,000 barrels a day. Syrian, Iraqi and Lebanese sources involved in the trade say it sells heavy oil at an average of $26-$35 a barrel to local merchants and merchants across the border in Iraq, or to upstart refineries financed by Turkish, Lebanese and Iraqi businessmen. Light crude sells at up to $60 a barrel. Beyond Syria and Iraq, Kurdish merchants transport oil into Iraqi Kurdistan and sell it to Turkish or Iranian traders, who smuggle it into their countries to be sold at a discount, or sell it back to the Syrian government.