Expert reports sharp decline in ISIS oil revenues in Iraq

ERBIL, Kurdistan Region-- ISIS militants' capabilities to produce and sell oil in Iraq has seen a dramatic fall after the group lost vast territories south of Kirkuk and Nineveh provinces, according to an oil expert who estimates that the group's revenues in the country fallen by nearly 90 percent.

"I think the main source of income for the group is now in territories held by militants in Syria, not Iraq," said Bewar Khinsi an expert in natural resources previously working for government ministries.

"ISIS is still producing around 50,000 barrels of oil (bpd) in Syria which it sells in the black market to finance its expenses," Khinsi said and added that the Kurdish groups in Syria also produce some 20,000 bpd in their areas.

The militant group has virtually lost control of oil field of Hamreen and Hajil in south Kirkuk after it was pushed back from the area in a series of operations.

US-led airstrikes have targeted oil tankers in ISIS-held territories over the past year to deter smugglers from carrying oil from the area.

According to Khinsi the group is producing natural gas in the Syrian city of Homs which has given the militants "limited income" over the past year.

"But they still tax people and businesses in their areas in both Iraq and Syria and also receive considerable ransoms for release of their prisoners," Khinsi said referring to other source of revenues for the group.

Expert reports sharp decline in ISIS oil revenues in Iraq

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