Despite airstrikes in Iraq and Syria, oil market remains unmoved

With higher oil prices, instability in Middle East had always remained a concern. Now, oil prices have fallen, but no sign is there for any stability in the region. Civil war in Syria and Iraq continues, while Saudi Arabian forces are fighting in Yemen. In spite all these things, oil price remains depressed.
As ISIS militants have captured major portion of Syria, the country’s production has fallen more than 90%. Estimation says that more than 12,000 barrels being sold on the black market. With air strikes, critical infrastructure of the country has been damaged. Due to this black market oil selling is likely to reduce in the coming weeks.
On the other hand, oil market has better potential in Iraq. Theoretically, Iraq can match oil production of Saudi Arabia. In the last four years, oil production has noted 40% rise, despite of ongoing conflict in the Middle East regions.
However, lack of security has blocked the opportunities for investment in various potential sectors of Iraq. As international air strikes focus more intensely on removing potential for ISIS to re-take oil fields in Iraq, a material reduction in crude production from that country appears less likely than at this point last year, despite anticipated reductions in black market exports from Syrian fields.
Till militants retake the Himrin or Ajil fields around Tikrit, production lossess are expected to be minimal for Iraq.