Oil Market Not Affected by Resources From ISIL-Controlled Fields

While oil sales provide the bulk of Islamic State's revenue, it is an insignificant sum compared with the global oil market, Russian Deputy Finance Minister Maksim Oreshkin said Wednesday.

MOSCOW (Sputnik) — Oil revenues contribute the most significant part of the Islamic State's  budget, along with donations, ransom payments, taxes from the territories under their control, human and drug trafficking.

"This [ISIL selling oil] leads to slight decline in supply volume but not that significant to change the situation at the oil market," Oreshkin told journalists.

According to the US Department of the Treasury, ISIL earns between $40 million and $50 million monthly and about $500 million a year from oil sales.

ISIL seized vast territories in Iraq and Syria in 2014, seeking to establish a caliphate. The militants are notorious for their multiple human rights atrocities, including killings and kidnappings.