Islamic State oil output was $2 mln/day before air strikes

Islamic State militants were producing about $2 million worth of crude oil per day in Iraq and Syria before recent US-led air strikes, possibly more than double the amount heard in U.S. congressional testimony last month, the research firm IHS said on Monday.

The group of Sunni extremists controlled as much as 350,000 barrels per day of crude oil, but was able to produce only about 50,000 bpd to 60,000 bpd, said IHS, a provider of global market and economic information.

"This fraction of pre-war capacity is the result of warfare, shut-ins and (Islamic State's) limited technical prowess operating the fields," IHS said in a paper called "Spoils of War: Who's in charge of what oil resources in the conflict zones of northern Iraq and Syria."