By Philipp Grüll
After conquering Kirkuk, ISIS now holds the majority of Iraq oil fields. To boost its influence and damage OPEC, the jihadists reduced their oil prices to 60$ per barrel. This puts some serious pressure on the OPEC member countries, as they must now compete with this new economic force.
Due to these recent developments, the government of Iraq faces a dilemma. The administration has to decide whether they should buy back the oil which ISIS has taken from them by force. They might lose face, but without oil supply the‘yre in for more severe losses, like public trust and security.
Additionaly, Syria is now tempted to buy the cheap Jihadist oil.
(Picture Source: http://texasoilreport.com/wp-content/uploads/2014/03/oil-price1.jpg)