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    Violence Erupts as Islamic State Rises (1881)
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    The head of the Debt management office of the Iraqi Ministry of Finance said that there was information that the IS militants were selling Iraqi oil as cheap as $20 dollars per barrel.

    MANAMA, November 9 (RIA Novosti) —The Islamic State (IS) militants have advanced further into the oil-bearing Kirkuk province in Iraq and seized several oilfields, the head of the Debt management office of the Iraqi Ministry of Finance, Mowafaq Taha Al-Hoori told RIA Novosti Sunday.

    "They have seized an oil field which was among the first ones to open in Iraq," al-Hoori said on the sidelines of an international expert consultation in Manama, Bahrain, called to discuss the possible steps to cut off the terrorist groups' cash flow.

    Al-Hoori added that there was information that the IS militants were selling Iraqi oil as cheap as $20 dollars per barrel.

    "Iraqi Foreign Affairs and Oil Ministries are working actively to identify those buying oil from the [IS terrorist] group and to inform the international community about it for undertaking the relevant measures," al-Hoori said.

    The Islamic State insurgent group has proclaimed a caliphate over the vast areas it seized across Iraq and Syria. The United States and a number of its allies are currently carrying out airstrikes against IS targets in both countries. According to US Treasury data, oil production brings the group about $1 million a day. German intelligence, however, stated earlier this week that the terrorist group's oil production has shrunk six times over the last three months to some 28,000 barrels per day in October.

    Violence Erupts as Islamic State Rises (1881)


    German Intelligence Says Islamic State’s Oil Power Overestimated: Reports
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    Daesh, oil, Kirkuk, Iraq
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