ISIS is no longer the “richest terrorist group in the world.” Its oil fortunes have disappeared, along with its territorial control. Even though ISIS may be out of the oil business, the fight for Syria’s oil and gas wealth isn’t over.
It’s clear that nothing is off-limits now and Tidal Wave II has gone into overdrive under President Trump.
Aggressive strikes as part of the Tidal Wave II campaign have had an undisputed impact on the entire ISIS oil supply chain.
A familiar formula holds that “oil = revenue = independence” but it’s more complicated for the Kurds in both Iraq and Syria, but the true barriers to autonomy are far more complicated.
U.S. President Barack Obama travels to Saudi Arabia this week, where he will navigate a damaged relationship with an ally while trying to reorient American priorities in the region.
With international events happening at a quick pace and relationships with allies and enemies in flux, the next president will have a long list of foreign policy challenges, with major oil-producing countries as top concerns.
Cross Post: I joined Platts reporters Herman Wang and Brian Scheid to discuss ISIS oil operations, revenues and exports; we also touch on bigger questions like whether or not international prices impact the ISIS market.
The deteriorating relations between Saudi Arabia and Iran amid the Saudi execution of several Shia prisoners, including a prominent cleric, add a key uncertainty to oil markets in the upcoming year, and for the longer-term stability of the Middle East,
In an expanded effort to deprive ISIS of oil revenues, Operation Tidal Wave II is aggressively targeting nearly every part of the group's oil supply chain.
Rather than selling crude oil on the open market, ISIS oil is refined in hundreds of makeshift local refineries.