A German intelligence report suggests estimates of the oil wealth of terror group the Islamic State are wildly overstated.
Previously published estimates have suggested that the Islamic State, which controls large swathes of northern Syria and Iraq, could earn up to €3 billion a year from oil fields it controls.
But a report from Germany’s Bundesnachrichtendienst (BND), the country’s foreign intelligence service, argues that “speculation of such high levels of income is hugely overblown.”
They say that the real figure may be less than $100 million a year.
The Islamic State, the world’s richest terror group, also has other sources of income, including extortion, art thefts, hostage-taking for ransom and smuggling.