US official: 'Islamic State' a petrostate

October 23, 2014 10:48 PM

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The "Islamic State" has amassed wealth at an unprecedented pace, according to a US Treasury official. IS earns about $1 million a day from black market oil sales alone.

David Cohen, US treasury undersecretary for terrorism and financial intelligence, said the "Islamic State" (IS) pulls in 790,000 euros daily, selling up to 50,000 barrels produced in captured refineries.

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