• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 17 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 15 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 16 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 15 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 16 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 17 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 18 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 day Itt looks like natural gas may be at its lowest price ever.
  • 18 hours Saudi A to Splash $100 Bln on India
  • 11 hours Washington Eyes Crackdown On OPEC
  • 14 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 1 day NEW FERUKA REFINERY
Oil Majors Double Down On Battery Investment

Oil Majors Double Down On Battery Investment

Oil majors are increasingly interested…

Forget EVs, Detroit's Big 3 Battle For Heavy-Duty Truck Segment

Forget EVs, Detroit's Big 3 Battle For Heavy-Duty Truck Segment

While electric vehicles are stealing…

Coalition Air Strike Wipes Out 80+ ISIS Oil Tank Trucks

Syria war

A coalition forces air strike in Syria has destroyed 83 oil tank trucks used by ISIS to transport crude, which is the group’s major source of funding. The U.S.-led operation took place on Sunday evening—according to Pentagon spokesman Matthew Allen—near Syria’s border with Iraq, in the province of Deir Ezzor.

Allen added that it was part of the larger Tidal Wave II operation whose ultimate goal is to destroy ISIS’ oil-smuggling activities, depriving the terrorist organization of its main means of supporting itself.

All forces engaged in the fight against ISIS are focusing primarily on oil targets. A couple of weeks ago, the Syrian army managed to regain control of several key points along an important oil pipeline in Al-Badia, in western Syria.

ISIS itself has not been idle, either, last week attacking the largest oilfield in the Iraqi region of Kirkuk, which contributes around a third of the Kurdistan Regional Government’s oil revenues. The organization also blew up five other fields near Mosul in an attempt to stop the advance of the Iraqi army.

The efforts of the coalition forces, Russia, and the Syrian and Iraqi armies seem to be paying off: according to a report by Iraqi News, the group has lost some 90 percent of its oil revenues.

Security sources from the ministry of oil said that ISIS had been smuggling at least 50 vehicles full of oil every day from oilfields in Qayyarah and Najma. The two sites stand south of Mosul—the largest ISIS stronghold and the third largest city in Iraq by population.

But new offensives against the terrorist organization have reduced the smuggling rate to five vehicles a day. ISIS’ prices for the smuggled oil, which once stood above $6,000 a vehicle, have now been reduced to $2,000.

After ISIS lost control of the Alas and Hamrin oilfields near Tikrit last April, the group’s income declined by an additional $1 million every day.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News