We actually think the numbers quoted in this article are about a third of the true revenue that the Islamic State garners from oil and the author completely misreads the role of funding from wealthy Muslims in Qatar, Saudi Arabia and other Gulf States, but the article is still worth a look…
ISIS reportedly has earned tens of millions of dollars selling antiquities from territories it has taken control of in Syria and Iraq, and stole about $425 million from a bank it looted in Mosul.
But ISIS’ “real upside lies in exploiting one precious commodity: oil,” Fortune magazine reported on Monday.
According to Fortune, ISIS seized oil fields in northeastern Syria last year and more recently took control of three more fields in Iraq, tapping into pipelines and oil storage facilities.
The terrorists fill tanker trucks with crude and transport it to Iraqi traders, offering the oil at the discounted rate of $26 a barrel. The magazine says these traders then resell it to Kurdish smugglers at a 100 percent increase.
ISIS is filling 100 trucks a day at close to $10,000 a pop. This totals about $1 million a day for ISIS.