The Islamic State in Iraq and Syria’s (ISIS) oil production is estimated to be worth $800 million per year, according to a new analysis.
An international analytics firm, IHS, released a brief on Monday, stating ISIS oil production brings in roughly $2 million per day.
“Oil fuels ISIL’s war machine, notably including the military vehicles vital to its movements and fighting capabilities,” according to the IHS analysis, using an alternate name for the group.
“Oil directly finances ISIL’s myriad activities and encourages the activities of middlemen who sell, transport and export the oil and thus have a vested interest in ISIL,” the analysis states.
ISIS controls about 350,000 barrels per day in Iraq and Syria, but IHS estimates it is only able to produce roughly 50,000 to 60,000 barrels.
Oil revenue growth for ISIS is unknown and will be heavily impacted by the ongoing U.S.-led airstrikes against the group.
The group’s refining capacity is also unclear, IHS says.