A year of bombing, more than 10,600 strikes and a coalition of more than 60 countries have failed to make a significant dent in Isis’s war chest, with revenues from oil, its main source of income, generating as much as $500m a year.
Production figures from workers at oilfields, checked against western intelligence estimates, indicates as much as 34,000-40,000 barrels a day are being produced in Isis-controlled territory, generating up to $1.53m a day.
In a striking admission of failure in the US-led fight against Isis, senior western diplomats and intelligence officials say a recent reassessment of the jihadis’ financial strength suggests it has yet to be depleted in a way that hampers their operations.