ISIS' 'lust for oil' may wreak 'global havoc': Experts

Experts have warned that the oil refineries controlled by the militant group, Islamic State of Iraq and Syria (ISIS) may be funding its terror activities in the two states.

The group exercises control over seven oil fields and two small refineries in northern Iraq as of now and is expected to earn about two million dollars per day by selling upto 40,000 barrels in illegal deals with the help of middlemen, reported Fox News.

The report quoted Luay al-Khatteeb, founder and executive director of the Iraq Energy Institute, as saying that a barrel of oil costs about 25-60 dollars in the black market and the money raised by selling these barrels will keep translating into funds for carrying out terror activities in parts of Syria and Iraq, if left unchecked.

Denise Natali, a senior research fellow for the Institute for National Strategic Studies pointed out that the organization will continue to grow unless its revenues are choked which means that it is important to crush the sources of their revenues. He warned that although Iraqi government raised the alarm recently but it has been going on for months.

Iraq's Oil Ministry had warned buyers of crude oil on Wednesday that unauthorized purchases made in the country may be used by ISIS to fund terror activities and urged them to exercise caution. The ministry also added that purchases that have not been authorized by the Iraqi government may result in sanctions for financial terror activities.