ISIL oil production worth $800 mln per year: Report

ANKARA – Anadolu Agency

The oil production of the Islamic State of Iraq and the Levant (ISIL) is estimated to be worth $800 million per year, according to a new analysis by an international analytics firm, the IHS.

ISIL’s oil production brings in roughly $2 million per day, according to the report.

“Oil fuels ISIL’s war machine, notably including the military vehicles vital to its movements and fighting capabilities,” according to the IHS analysis.

“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,” the analysis states.

ISIL controls around 350,000 barrels per day in Iraq and Syria, but the IHS estimates it is only able to produce roughly 50,000 to 60,000 barrels.

The group’s refining capacity is unclear, according to the IHS.