Raids hit Islamic State oil smuggling income

(AGI) Paris, March 9 - Raids by the international coalition andincreased security has hit the income the Islamic Statejihadist group raises from oil smuggling in Iraq and Syria.Coalition raids hit production at oil refining plantscontrolled by the group in Iraq and Syria, said the FinancialAction Task Force, an organisation which monitors funding toterrorist groups. It said: "Following the raids, the IslamicState was obliged to resort to more basic crude oil refiningmethods, which depleted the end product." Income also droppeddue to the fall in crude oil prices and the large amount on

(AGI) Paris, March 9 - Raids by the international coalition andincreased security has hit the income the Islamic Statejihadist group raises from oil smuggling in Iraq and Syria.Coalition raids hit production at oil refining plantscontrolled by the group in Iraq and Syria, said the FinancialAction Task Force, an organisation which monitors funding toterrorist groups. It said: "Following the raids, the IslamicState was obliged to resort to more basic crude oil refiningmethods, which depleted the end product." Income also droppeddue to the fall in crude oil prices and the large amount onsale globally. The group draws much of its income from crudeoil exploitation and sales to local customers. Large amounts ofoil are sold to the Syrian regime through contacts with clansand smugglers. They buy oil from Islamic State for between 20and 35 dollars a barrel, and sell it in local markets for 60 to100 dollars a barrel.. .