The Islamic State militant group had employed thousands of workers to keep crude pumping from rudimentary wells captured in the oil fields of Iraq and Syria. Oil revenue is making up nearly half of the group’s profits.
The UN-backed deal signed between Libya's two rival factions in Morocco on December 17th is to create a unity government to help recover stability in the divided country, and counter the threat of Islamic State milit ...
French Ministry of Defense warned that IS forces were moving inland from their coastal strongholds into Libya’s oil wells areas aiming to overtake the oil fields, while ruling out a military intervention.
International oil companies could boost production in Iraq beyond current targets if production contracts were changed to give more incentives for investment, according to BP Plc and Royal Dutch Shell Plc.
The Islamic State (IS) is selling most of its illegally acquired oil through Turkey and Kurdish areas, according to a former counterterrorism officer with the Central Intelligence Agency, reported Russia Today.
Militants from the so-called Islamic State attacked forces guarding one of Libya’s main oil ports last Thursday with a gun assault and an attempted car bomb.
BP has cut its development budget for Iraq's giant Rumaila oilfield by $1 billion this year after the government warned a slump in crude prices and its battle against Islamic State was making it difficult to pay oil ...
Fighting between rival militias resumed close to Libya’s largest oil port on Tuesday, while Islamic State claimed another attack in Tripoli, as the country further descends into lawlessness.