IS making at least one million dollars each day by smuggling oil from Iraq and Syria, say sources

Islamic State (IS) militants are making one million dollars to two million dollars each day by smuggling oil into southern Turkey from refineries and wells in northern Iraq and northern Syria, according to sources.

According to CNN, the United States led coalition battle against the IS has repeatedly targeted the militant group's oil assets in order to destroy the group's financial sources.

IS militants produce around 44,000 barrels a day in Syria and 4,000 barrels a day in Iraq, according to Foreign Policy.

A Kurdish newspaper has listed the names of the people involved with IS and its oil enterprise wherein some people were associated to the enterprise under the former Iraq dictator Saddam Hussein.

Founder and director of the Iraq Energy Institute Luay al-Khatteeb said that IS may be trying to establish a self-sufficient state through its oil operators in west and north of Iraq.