Iraq: Chalabi Predicts Iraqi Oil Could Net IS up to $150 Million in 2014

Aug 29, 2014 | Nidal al Laythi, Al-Monitor
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Former Iraqi Oil Minister Issam al-Chalabi said on Aug. 27 that estimates from  reliable reports confirm that the Islamic State (IS) would reap between $100-150  million from the smuggling of Iraqi oil during 2014. He said that the quantity  of the smuggled oil is so large that it is impossible to monitor and determine  the dealers involved in this trade. Chalabi, an international energy consultant  whose headquarters is in the Jordanian capital of Amman, stressed in statements  made to Azzaman that there are no accurate figures on IS’ oil revenues. He added  that statements about the revenues of IS are mere speculation.

He explained that Turkish parties — whether individuals or institutions — are  the only beneficiaries of oil smuggling from Iraq and Syria. He also said that the smuggled oil of these two  countries by IS cannot help but pass through Turkey. Chalabi told Azzaman that  international oil companies are involved in these kinds of operations, given the  return that has been achieved and the low price at which they purchase smuggled  oil.