Islamic State has eyes on oil production
IS may have established a rudimentary oil and gas system, but it needs to find fresh production if it is to support itself
Most Middle Eastern militias view oil and gas assets either as sabotage targets or as bargaining chips to extract concessions from their opponents. Not so the self-styled Islamic State. From the outset, IS has set its self apart from the terrorist herd, viewing hydrocarbons as a critical resource in building their fledgling caliphate. Crude oil revenue streams are being used to consolidate its expanded territorial empire that stretches from the northern Syrian town of Raqqa to Ramadi, in touching distance of the Iraqi capital. Having muscled rival Islamist militias out of the oil-rich eastern Syrian oil patch in 2013, it swiftly assigned fields to clans that had sworn allegiance to IS. It a
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally






