ISIS Makes Up To $3 Million a Day Selling Oil, Say Analysts

For two weeks, the Islamic State of Iraq and Syria (ISIS) and forces loyal to Bashar al-Assad have been battling for control of the Shaar gas field, one of Syria’s largest, near the landmark city of Palmyra. On July 19, it was reported that the Sunni militant group had killed 270 regime fighters, taking control of the field in what was reportedly one of the conflict’s deadliest 48-hour periods to date.

As ISIS steams further into Syria, analysts say a significant portion of its financial resources come from the crude oil it sells on the black market; accordingly, oil fields have become prime targets in the fight. So do gas fields like Shaar, where disruption of lines lead to electricity shortages and power cuts in regime-controlled areas as far as Damascus. Continue reading