Oil Is Not the Main Source of Cash

The Islamic State’s oil infrastructure, especially refineries, has been targeted by the United States-led airstrikes. Oil revenue has fallen to about $2 million per week, but the group is not dependent on oil income. Much of the production is used for its own fuel. Past oil sales show that the Islamic State was already selling oil at deep discounts that fluctuated among local markets — for instance, selling oil for less in Kirkuk than in Mosul.