ISIL Oil Riches?

By Patrick Schmidt.

In addition to current energy holdings in Syria, the Islamic State of the Iraq and the Levant (ISIL) holds seven different oil fields in Iraq.

This past month the militants seized Ain Zalah and Batma oil fields. They had previously gained control of Najma, Qayara, Himreen, Ajeel and Balad oil fields.

The total capacity of ISIL holdings in Iraq would amount to close to 80,000 barrels of oil per day. At current prices, that amount of oil would be worth $8.4 million.

It is believed that the militants are using their captured energy resources to fund their campaign of terror.

In the past week, a number of energy companies in the Kurdistan region have already taken steps to protect their staff after fears of additional facilities being overrun by the extremist group. The group orders local petroleum engineers and oil field workers to operate their captured facilities.

(Source: Bloomberg)

2 Responses to ISIL Oil Riches?

  1. Shujaul Islam August 14, 2014 at 12:50 pm #

    The current crises in Iraq is unfortunate, now as per the circumstances the best solution is to divide Iraq into three independent regions based on the ethnic groups. UN should come forward to play a greater role for bringing in the peace and stability in the region. We are seeing the bloodshed for the last 15 years, which must be stopped immediately. It seems that the Country cannot stay united under one Government or power.

  2. sambal August 31, 2014 at 2:01 am #

    The question is who is buying this oil from them. Complicit in everything that ISIL do if they do not embargo it