IraqISISSyriaMakes Statement

‘Oilfields earn millions a day’

28 Aug, 2014

Luay al-Khateeb, a visiting fellow at the Brookings Institution’s Doha Center in Qatar, estimates ISIS is earning $2 million a day in oil revenues in Iraq and much more in Syria. The Iraqi fields are only producing half of the 80,000 barrels a day they are rated at, black-market crude is selling at $25-$60 a barrel:

From Syria they could be making double or even triple that.

Estimating the Syrian revenues is difficult since most of the oil is sold to the Bashar al-Assad government, which doesn’t disclose oil use figures, but the regime’s struggle means consumption is likely very high:

It’s a war of survival for the Syrian regime and they have no choice but to buy the oil — even though they know the money is going into ISIS hands.

Add your comments below...