IHS: Oil sales 43% of Islamic State revenue

From:  Oil and Gas Journal 

HOUSTON, Dec. 7

12/07/2015

By OGJ editors

 

Islamic State, the jihadist occupier of parts of Syria and Iraq, makes 43% of its $80 million/month revenue from illicit sales of oil, estimates the monthly Conflict Monitor at IHS Aerospace, Defense, and Security. 

 

The firm based its estimate for late 2015 on open-source intelligence, including social media.

“Unlike Al-Qaeda, the Islamic State has not been dependent on money from foreign donors to avoid leaving it vulnerable to their influence,” said Columb Strack, senior IHS analyst and lead analyst for IHS Conflict Monitor.

The group has at least six main sources of revenue: production and smuggling of oil and gas; taxation of the profits of all commercial activities in areas under its control; confiscation of land and properties; trafficking of drugs and antiquities; criminal activities such as bank robbery and kidnap for ransom; and state-run businesses, such as running small enterprises that include transport companies and real estate agencies.  MORE