Wednesday, July 30, 2014
Iraq: ISIS Making Millions Off Seized Oil Fields
ISIS, the terrorist group that has taken over a large swath of eastern Syria and northern Iraq, is making millions of dollars selling black-market crude from seized oil wells, Iraqi officials say.
Though the black-market price is far below the going rate of just over $100 a barrel, ISIS could be raking in up to $3 million a day, Foreign Policy reports. Some reports says ISIS is getting only $25 a barrel from Turkish traders..
Still, that is enough to boost ISIS in the short term. It also has raided banks and seized U.S.-supplied weapons when Iraqi soldiers laid down their arms and fled during the ISIS invasion.