How ISIS Is Wrecking Iraq's Biggest Industry - Business Insider - 0 views
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The Islamic State has taken over several oil-producing areas in Iraq and Syria, raising fears that the group could leverage its hydrocarbon wealth to the point of economic self-sufficiency.
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ISIS is only capable of moving its oil by truck, suggesting that the group hasn't mastered the use of northern Iraq's oil pipeline system.
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Ben Lando of Iraq Oil Report told the Post that ISIS's daily revenue might actually be as low as $250,000 a day.
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Iraqi fields "are so small and the crude of such poor quality that international companies did not bid to develop them
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ISIS, which nearly seized a refinery outside of Baghdad in June, is interrupting the one industry that makes Iraq viable not just as an economy, but as a political unit as well.
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In 2012, the International Energy Agency predicted a nearly 500% increase in Iraqi oil revenue by 2020, and concluded that revenue would double during that period even in a worst-case scenario:
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its ability to disrupt Iraq's leading industry denies the country of much of its economic potential while degrading vital infrastructure.