Coalition military forces say they have destroyed six IS (Islamic State) rigs near Raqqah as efforts to against the terrorist group continue.
Prime Minister David Cameron has claimed the oil revenues of ISIS (Islamic State) have been lowered by as much as 25% since the UK became involved in strikes in Syria last month. The politician was giving evidence before the liaison committee in which he faced questions about his energy and climate change policy.
ISIS (Islamic State) employed more than 2,000 workers at its peak as it looked to make millions of dollars from oil in Syria and Iraq.
Video: Russian military claims 2,000 oil tankers have been destroyed since launching bombing campaign
Russia has released dramatic images of ISIS targets being destroyed by its air force in Syria. Footage and images were released by the Russian Ministry of Defence which showed positions, including tanker trucks, being targeted.
Finance ministers from the United Nations Security Council’s 15 powers are poised to adopt a resolution aimed at disrupting the Islamic State (IS) terror group’s earnings from oil and antiquities sales, ransom payments and other criminal activities. IS is already subject to UN sanctions under resolutions dealing with al Qaida. But the proposed resolution, sponsored by the United States and Russia, elevates IS to the same level as al Qaida, reflecting its split from al Qaida and the growing threat it poses especially in the Middle East and North Africa. US treasury secretary Jacob Lew, who will chair today’s meeting, said disrupting IS’ revenue and cutting it off from the international financial system “are critical to effectively combating this violent terrorist group”.
Air strikes on a fuel market in a village in northern Syria have killed and wounded dozens of people and destroyed several tanker trucks, according to opposition monitoring groups. Activists said war planes also struck another market in the northern village of Maskaneh which is under the control of Islamic State, killing at least 12 people and wounding many others. It was not immediately clear whose war planes carried out the strikes, although the monitoring groups said the Russians targeted both markets.
Syria’s government has accused the US-led coalition of launching air strikes on a Syrian army camp that killed three soldiers and wounded 13. The US has denied the claim, saying the alliance carried out four air strikes against oil wells in the province - all of them miles away from the alleged location of the incident. The city of Deir el-Zour, where the purported strikes happened on Sunday, is mainly held by the Islamic State group, but the Syrian government maintains a presence in some parts of it.
The Russian defence ministry has claimed the US has turned a “blind eye” to oil allegedly being trafficked from Syria across the border to Turkey. In a statement the ministry claimed the oil being moved was from areas under the control of Islamic State.
British Tornado jets hit seven targets in eastern Syrian oil fields in a mission described as landing a “very real blow” by Defence Secretary Michael Fallon.
The bombing of oil fields in Syria robs civilians of the infrastructure they depend upon in their day-to-day lives and will further alienate the local people from the Western cause, experts on the Middle East have warned.
RAF bombing raids on oil wells in eastern Syria have dealt a “real blow” to the financing of terror group Islamic State, Defence Secretary Michael Fallon has said.
Russia’s deputy defence minister has accused the Turkish president and his family of personally benefiting from the illegal oil trade with Islamic State militants.
Vladimir Putin has ordered state-of-the-art air defence missile systems to be deployed at a Russian air base in Syria following the downing of a Russian warplane by Turkey.
Oil and gas engineers are being told to "name their price" when applying for jobs with Islamic State, according to an international terrorism expert.
Oil halted its decline near the lowest close in more than two months as investors weighed a global supply glut against heightened geopolitical tension after France bombed Syria in response to terrorist attacks in Paris.
A major oil discovery has been made in the Golan Heights, according to reports. The Israeli energy company Afek Oil and Gas said the firm could have potentially discovered billions of barrels in the disputed region. Yuval Bartov, the company's chief geologist, told a news station in the region the find was one of "significant quantities."
Oil gained after Russian air strikes in Syria drew condemnation from the US and its allies, increasing tension in the Middle East. Futures in New York advanced as much as 2.2 percent. Russian planes are targeting Islamic State, al-Qaeda affiliated Nusra Front and other armed groups, Foreign Minister Sergei Lavrov said Thursday. US data Friday may show the labor market is improving in the world’s biggest oil user, with 201,000 jobs added last month, according to a Bloomberg survey. “We need to start putting some geopolitical risk premium in the oil price,” Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland, said in a note. “There are many countries active in some way in Syria and it is not yet clear how each will react to the increasing Russian open military action.”
Islamic State suicide bombers blew up two trucks in the heart of the northeastern Syrian city of Hasaka and a fire erupted at petroleum storage tanks and a textile firm after shelling by the militants, a Syrian army source said on Monday. The army source was quoted by state television as saying the militants had targeted a major roundabout and near a mosque in the southeastern Ghwyran neighbourhood, a residential area that the militants entered since Thursday in a lighting assault to seize the government-held parts of the city.