Illicit oil sales are no longer the main source of revenue for the Islamic State, according to a Pentagon statement earlier this week. “Oil smuggling had become a crucial source of revenue for the group, which holds a handful of oil fields in Iraq and Syria. Oil profits set the extremist organization apart from other… Keep reading →
In its goal of pursuing statehood, the Islamic State became an oil state at the worst time. When international oil prices were trading closer to $100/bbl, it’s estimated that IS could have been making $6 million a day from black market oil sales. The oil price decline is altering the way IS conducts its business… Keep reading →
Enjoy it while it lasts When oil prices went from where ever they were to $100 and above, everybody said oil is expensive. Consumers and oil importers complained when it hit $115 in July 2014. Gradually, however, everyone got used to $100+ oil. In the past couple of months, oil prices have plunged, hitting low… Keep reading →
