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ISIS sells Kirkuk oil at $20 per barrel

Representational file photo
Representational file photo

 

(IraqiNews.com) American magazine ‘Newsweek’ stated that the ISIS organization sells oil from seized Syrian wells and Iraqi wells in Kirkuk at a price of $20 a barrel.

The magazine said, “Despite a drop in oil prices in the global market, the organization of the Islamic State sells oil at an enormously low price, that’s a 75% markdown to the current world price ($78 per barrel), after it decreased by 30% of its previous selling price last June.”

An investigation conducted by Newsweek revealed that ISIS sells oil with an average of up to $40 per barrel, which means that the oil sales provide ISIS with an income estimated at about $2.5 million a day.

As stated in the economic investigation conducted by the magazine, ISIS sells oil at the price of $40 a barrel, while the current price is more than $80 a barrel. The constant air striking and the increasing intensity of war make ISIS’s oil production and the price of the barrel off-balance.



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