by Daniel J. Graeber
Washington (UPI) Oct 21, 2014
Oil is fueling the war chest for the group calling itself the Islamic State by more than $2 million per day, a study from consultant group IHS said.
A report from IHS Energy found IS, known also as the Islamic State in the Levant, is able to finance itself through a black market for oil.
"Oil fuels ISIL's war machine, notably including the military vehicles vital to its movements and fighting capabilities," analysis e-mailed Monday to UPI found. "Oil directly finances ISIL's myriad activities and encourages the activities of middlemen who sell, transport and export the oil and thus have a vested interest in ISIL."
IHS estimates the oil production controlled by IS is worth an estimated $800 million per year.
A U.S.-led air offensive against IS has targeted oil installations in Syria in an effort to cut off the group's source of revenue and fuel.
A recent report from the International Energy Agency found airstrikes were diminishing the terrorist group's ability to function and finance itself.
IHS estimates IS sells oil on the black market for an average $40 per barrel, roughly half the price on the global market.
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|