Iraq: ISIS Making Millions Off Seized Oil Fields

Image: Iraq: ISIS Making Millions Off Seized Oil Fields An oil tanker transports petrol sold by ISIS to Kurdish businessmen on July 12 in Iraq's disputed northern city of Kirkuk. (Marwan Ibrahim/AFP/Getty Images)

Tuesday, 29 Jul 2014 09:26 PM

By Greg Richter

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.

ISIS seized four small oil fields during its takeover of Iraqi areas earlier this year. Two are near the northern city of Mosul and two are farther south, near Tikrit, NBC News reports.

About 80 wells compose the four fields and are now capped, NBC reports, making them unable to pump new oil. Additionally, Foreign Policy reports, the wells will not be able to continue to function because ISIS doesn't have people skilled in keeping them maintained.

The Iraqi government and Kurdish leaders control larger oil fields in the country, but Iraq says ISIS still has been able to move its oil to Syrian refineries to make low-quality gas oil and gasoline. It is then returned to Mosul to be sold at gas stations.

Large amounts of the oil are sold to Turkish traders through smugglers, NBC reported.

Urgent: Assess Your Heart Attack Risk in Minutes. Click Here.

Related Stories:






© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Author Phyllis Chesler: Obama 'Seems to be Siding With the Jihadists'

Saturday, 22 Nov 2014 21:57 PM

The United States can never defeat the Islamic State and other terrorist groups until President Barack Obama realizes t . . .

State Senator Protesting Ferguson a Victim of Attempted Carjacking

Saturday, 22 Nov 2014 19:56 PM

A Missouri state senator and gun-control advocate who has protested police actions in Ferguson surrounding the Michael B . . .

Report Questions if Dempsey Should Quit Over Obama's ISIS Strategy

Saturday, 22 Nov 2014 18:57 PM

The Obama administration's strategy of using only airstrikes against the Islamic State is frustrating military leaders,  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved