No oil was taken out of the global supply chain...it was simply sold at a steep discount into the global supply chain.
And selling an insignificant amount of stolen TVs in the back alley doesn’t lower the price at the stores.
Oil is a commodity market. Someone selling local at a discount doesn’t effect the market price. The total supply was down not up with ISIS actions.
A discounted price will only drive a commodity down if their is sufficient supply to meet demand at that price. There isn’t.
No oil was taken out of the global supply chain
The area ISIS took control of reduced oil production from ~300,000 BPD to ~50,000. The global oil supply was reduced by their actions.