Tags: ISIS/Islamic State | War on Terrorism | oil | ISIS | Iraq | Turkey | refineries

ISIS Making Millions a Day From Capture of Oil Fields

Image: ISIS Making Millions a Day From Capture of Oil Fields
North Oil Company gas field located near a checkpoint held by militants of the Islamic State (IS), some 30 kilometers southwest of the disputed Iraqi city of Kirkuk. (Marwan Ibrahim/AFP/Getty Images)

By    |   Tuesday, 09 Sep 2014 11:23 AM

Every time a European starts their car, or flips on a light switch, they are funding the brutal terrorist group Islamic State of Iraq and Syria (ISIS), Vocativ reports.

ISIS, through capture of oil fields in northern Iraq and Syria, is rolling in money from smuggling oil through a sophisticated Iraqi black market, which generates millions of dollars each day to swell the ISIS coffers, according to the report.

Experts say the oil that is not directly being used to fuel the ISIS war machine is being bought at cut-rate prices by Turkey, which then markets it throughout Europe, bringing in as much as $2 million each day to the terrorists.

The Kirkuk oil field in southern Iraq, which holds the country's largest oil supplies, is the next area on ISIS's wish list to be captured. Should they succeed, Vocativ reports, ISIS's oil income could reach more than $100 million a day.

The nightmare is that ISIS will continue to grow and conquer, until they have the entire Arabian Peninsula, and the massive oil supplies it holds. Then, they could be too powerful to be stopped.

"They are aiming to take over the Arabian Peninsula as their epicenter to launch attacks globally. If this happens, they will be in control of a region that holds 60 percent of world's conventional energy reserves and produces 40 percent of global oil and gas production," Luay al-Khatteeb director of the Iraq Energy Institute, told CNN.

Denise Natali, senior research fellow for the Institute for National Strategic Studies, warned on Fox News, "This can significantly imbalance, if continued, some of these regional energy sources. So the idea that ISIS is going to even touch the fields in the south, which has not happened yet, is still enough of a threat to get involved. This could destabilize the entire region."

Turkish legislator Ali Ediboglu told Fox News that ISIS has smuggled $800 million worth of oil from captured Syrian oil fields into Turkey. Turkey officially denies doing business with ISIS, but Jana Hybášková, Czech ambassador to Iraq, has called for the European Union to exert pressure on Turkey to stop the illicit oil trade, according to Breitbart News.

Fox reports that ISIS now controls seven oil fields and two refineries in Iraq, selling 40,000 barrels of oil each day for $25-$60 a barrel, as compared to current market rates of around $102 a barrel, making the cheap oil in high demand.

As their oil seizures expand, ISIS is hurting for oil industry technicians to help them refine it, Vocativ reports, and is recruiting them internationally.

Fox News commentator Stuart Varney said, "Stopping ISIS, frankly killing ISIS, is now a financial necessity because the price and supply of oil to the world is at stake. ISIS now controls 80,000 barrels of oil a day that brings them $2 million a day to finance their terror activities. They've got their eye on southern Iraq, which has 3 million barrels of oil a day, and they've got their eye on Saudi Arabia, with 10 million barrels of oil a day.

"They must be stopped."

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Every time a European starts their car, or flips on a light switch, they are funding the brutal terrorist group Islamic State of Iraq and Syria (ISIS), Vocativ reports.
oil, ISIS, Iraq, Turkey, refineries
516
2014-23-09
Tuesday, 09 Sep 2014 11:23 AM
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