Iraq: Iraq Losing Billions In Oil Revenues To IS

Nov 12, 2014 | Radio Free Europe Radio Library
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Iraq’s Oil Ministry has said that the country is losing as much as $1.2 billion a month in oil revenues as a result of Islamic State militants seizing oil refineries and pipelines in the areas it controls. As a result of Islamic State, Iraq has lost the export of 400,000 barrels per day of oil, the ministry estimated.

Assem Jihad, a spokesman for the Oil Ministry, told RFE/RL's Radio Free Iraq on November 11 that these losses are having an adverse affect on the overall state budget.

Islamic State militants had also inflicted heavy damage on oil installations in areas under their control, the spokesman said.