Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Islamic State loses control of last oil wells in Iraq: oil ministry

Published 09/28/2016, 09:56 AM
Updated 09/28/2016, 10:00 AM
© Reuters. Fire rises from oil wells, set ablaze by Islamic State militants before fleeing the oil-producing region of Qayyara

© Reuters. Fire rises from oil wells, set ablaze by Islamic State militants before fleeing the oil-producing region of Qayyara

BAGHDAD (Reuters) - Islamic State militants no longer control any oil wells in Iraq after being ousted by government forces last week from an area near Kirkuk, the oil ministry said on Wednesday.

The ultra-hardline Sunni Muslim group were driven out of Shirqat on Thursday by U.S-backed Iraqi forces. Last month it lost the Qayyara oilfield, south of Mosul, to government forces thrusting northwards in an offensive to retake the largest city under IS control.

Deprived of oil income, IS will have to find other financing means such as increasing taxation and fines in areas still under its control, said Muthana Jbara, a provincial security official.

Iraqi forces have yet to recapture the Najma oilfield, near Qayyara, but its producing wells are no longer accessible to IS because of the ongoing government offensive and air strikes, according to oil and security officials.

"Najma has yet to be liberated because some sites are in the conflict zone. The reality is that it is extremely difficult to extract and smuggle oil while our forces are advancing towards Mosul...," oil ministry spokesman Asim Jihad said.

© Reuters. Fire rises from oil wells, set ablaze by Islamic State militants before fleeing the oil-producing region of Qayyara

Islamic State proclaimed a caliphate over parts of Iraq and Syria in 2014 but has lost a significant amount of territory since then to U.S.-backed offensives, though it still controls oil wells on Syrian land.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.