I agree - ISIS is only 5% - 10% of Saudi production at app. 1.2 MMbpd. They are not market movers only followers.
ISIS is only 5% - 10% of Saudi production at app. 1.2 MMbpd.
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This way overstates ISIS oil production.
Further, many of their refineries in Syria were bombed. What oil they have is mostly in Syria with a little in North West Iraq. Neither places have a lot of oil. When things are going good for ISIS they were making 1-2 million dollars a day. That’s dollars not barrels. Likely that money flow has already slowed considerably.