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Thursday, 17 December 2015 13:15

CRACK DOWN ON ISIL'S OIL REVENUE Featured

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isil oil revenue

 

In a bid to thwart the flow of oil produced in the Islamic State of Iraq and the Levant (ISIL) controlled area and to cut off the group's main source of revenue, Turkish authorities are moving in against smuggling on its border with Syria; while Iraq's Kurdish region routes used by ISIL are also being cut off.

 

US has estimated that ISIL's, which controls parts of Iraq and Syria, including oil fields in the countries, gained $40 million monthly from its sales of oil produced in Iraq and Syria.

 

Though, it is believed that there is a 30 percent reduction in the December production from oil fields controlled by ISIL, this is partly due to air strikes from the US-led coalition and the Russians, as well as the fall in prices of oil globally.

 

By Temitope Bamidele 

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