Black Market.. ISIS grows richer

Militant fighters of IS (ISIS/ISIL) seized major oil fields in Syria and Iraq, selling crude through black market and making large daily profits which reach 3 million USD a day

ARA News

Qamishli, Syria – After imposing control over major oil fields in Syria and Iraq, the Islamic State (IS/ISIS) makes huge profits every day through selling oil on the black market, according to independent sources.

The estimated daily profits are 3 million USD, which makes the oil returns of the IS reach 90 million USD a month, not to mention other funding sources of the group.

A report issued by Brookings Institute for Studies in Washington mentioned that the price of each oil barrel produced in IS-held oil wells is 20-60 USD. The IS transfers those barrels to black markets in Iraq and Turkey then specialized groups export it to different parts of the world.

Every IS-produced barrel of crude oil is being then sold in global markets worth 95-105 USD, according to the source.

Loay al-Khatib, director of the Iraqi Energy Institute, commented on the issue saying: “Militants of the IS were able to control many oil wells, refineries and oil assets in eastern Syria during the last three years.”

Al-Khatib said that the difference in oil prices is a result of IS incomplete domination of oil wells and refineries, “as other armed groups control some facilities”.

The report pointed out that oil wells and refineries are being operated by the former employees, who were forced to continue their work under the supervision of the IS militants.

Meanwhile, the Syrian regime’s Ministry of Interior Trade raised the price of a liter of diesel from 60 Syrian Pounds to 80, the price of a liter of gasoline from 120 SP to 140. According to this increase, the price of a barrel of gasoline would be worth 2800 SP while a barrel of diesel would rise to 1600 SP.

According to the governmental Syrian News Agency “SANA”, the ministry told its directorates in the Syrian provinces to take inventory in all fuel stations and monitor the processes of delivering and selling these two substances “to avoid manipulation”.

The ministry asserted it would take legal measures and impose penalties on those who do not adhere to the new prices.


Reporting by: Rodi Ahmad

Source: ARA News

Leave a comment

3 × 4 =