WASHINGTON, D.C.: The Islamic State (IS) has fast become one of the world's wealthiest terror groups, generating tens of millions of dollars a month from black market oil sales, ransoms and extortion, officials said on Thursday (Friday in Manila).

It earns $1 million a day alone by selling crude oil from fields captured when the group swept across Iraq and Syria earlier this year, said David Cohen, Treasury undersecretary for terrorism and financial intelligence.

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