Oil production and smuggling in ISIL

Islamic State of Iraq and the Levant (ISIL) militants have made more than $500 million trading oil with significant volumes sold to the government of Syrian President Bashar al-Assad and some finding its way to Turkey, a senior U.S. Treasury official said on Dec. 10.

The amount of oil smuggled into Turkey from areas of Syria controlled by the Islamic State of Iraq and the Levant (ISIL) is economically insignificant, the United States said on Dec. 4, after Moscow accused Ankara of profiting from the trade.

Israel has reportedly purchased as much as 77 percent of its oil supplies from the Kurdistan Regional Government (KRG) in northern Iraq, providing them with an essential source of funding in their campaign against the Islamic State of Iraq and the Levant (ISIL), a new report in the Financial Times revealed on Aug. 24.