Iraq/Syria: Islamist Terror Group Earns $800 Million a Year From Oil Sales

Oct 20, 2014 | Jim Polson, Bloomberg
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The Islamic State is earning about $2 million a day, or $800 million a year, selling oil on the black market, according to one estimate.

The terrorist group is producing 50,000 to 60,000 barrels a day, according to a report released today by Englewood, Colorado-based IHS Inc. It controls as much as 350,000 barrels a day of capacity in Iraq and Syria.

The Islamic State has been targeted by U.S.-led airstrikes after posting videos showing the beheadings of journalists and aid workers. Extremist groups typically rely on foreign donations that can be squeezed by sanctions, diplomacy and law enforcement. Today’s report echoes U.S intelligence officials and anti-terrorism finance experts interviewed by Bloomberg News in August, who also determined the group was selling oil at $25 to $60 a barrel, creating a group that resembles Taliban with oil wells.