[SPECIAL REPORT] Enter ISIS: Why the Iraqi crisis is a growing threat to both global security and energy
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Nine months after ISIS declared independence, The Islamic State (IS) as it is now known, established itself as a caliphate under the rule of military commander Abu Bakr al-Baghdadi, with its capital at the Abbasid city of Ar-Raqqah.
This special feature - a joint publication between Oil and Gas IQ and Defence IQ - explores the impact of the militant group on global security as well as how the insurgency can affect oil prices in the region.
At 140.3 billion barrels, Iraq has the world’s fifth largest stock of proven oil reserves and is the second largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), outputting 3.3 million barrels per day. At about 4% of global supply, the news that Iraq’s oil-rich second city, Mosul, was seized by ISIS militants three weeks ago, sent the price of Brent crude to a three-year high of $113.
Should ISIS manage to roll unimpeded through the Fertile Crescent and reach Iraq’s oil hub, do not discount the ensuing chaos pushing oil beyond the $200 dollar mark.