US and coalition air strikes have degraded the ability of the Islamic State of Iraq and Greater Syria (ISIS) to generate significant income from oil smuggling, a senior US official says. Revenues from illicit oil sales have fallen below a previous estimate of $1mn a day, says David Cohen, US Undersecretary for Terrorism and Financial Intelligence.

Testifying before the House Financial Services Committee of the US Congress on 19 November, Mr Cohen says the US is dedicated to further degrading the sources of funding that have allowed the group, which the US refers to as the Islamic State of Iraq and the Levant (ISIL), to build assets of some $2bn. (CONTINUED - 758 WORDS)