Iraq: ISIS Sells Stolen Kirkuk Oil at $20 Per Barrel - Iraq Finance Ministry

Nov 9, 2014 | RT
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Islamic State militants, who have seized oil fields and refineries in Kirkuk province in the north of Iraq, are selling the hijacked oil on the black market for a price as low as US $20 per barrel, according to the country's Finance Ministry.

The extremists have moved deeper into the oil rich Kirkuk region and captured more oil production facilities in the area, including one of Iraq's oldest oil fields, the director of the Public Debt Department at the Finance Ministry, Muwafaq Taha Izz al-Din Al-Houri told RIA Novosti news agency.

There are reports that Islamic State (IS) is selling Iraqi oil for only $20 per barrel on the black market, Al-Houri told the agency on the sidelines of an expert meeting on terrorist financing in Bahrain. The price is four times lower than on the official market.