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Editor's note: Luay al-Khatteeb is visiting fellow at the Brookings Doha Center, focusing on the geopolitics and political economy of the GCC and Iraq. He is the founder and director of the Iraq Energy Institute and serves as senior adviser to the federal parliament of Iraq for energy policy and economic reform. Follow him on Twitter.

(CNN) -- Luay al-Khatteeb has spoken to CNN previously about the impact of ISIS' march through northern Iraq, and the militant group's control of some oil fields. The crisis has escalated, and CNN has revisited the conversation to find out how Iraq could crack down on ISIS' oil riches under the guidance of its new oil minister, Adel Abdul Mahdi. This is al-Khatteeb's analysis of the situation.

How much oil does ISIS control?

Luay al-Khatteeb

ISIS, in control of a large swathe of eastern Syria, is now handling 60% of the country's oil assets and producing 50,000 barrels a day. This is not full capacity -- pre-conflict, the assets would have produced around 220,000 barrels a day out of the country's 385,000, according to Iraq Energy Institute figures. However, ISIS do control key oil fields including Al Omar, Tanak and Shadadi. ISIS also handle at least 25,000 barrels of oil a day in north and mid-west Iraq, but that is only a small slice of the country's total production.

This oil has found its way to the global economy through Turkey's southern corridor. This black-economy zone is known for its oil trades, smuggling antiquities from Iraq and Syria's ancient sites, and funneling thousands of jihadists to both countries.

Many observers see Turkey turning a blind eye on a zone that is actively contributing to the instability of the Middle East. Southern Turkey has become ISIS' safe haven for treating wounded fighters, a gateway for foreign jihadists, and a financial hub that brings ISIS over $3 million a day in oil money.

What should be done to tackle the black market in oil?

Now that ISIS are involved in trucking oil out of Iraq, Iraqi Kurdistan must better comply with the federal regulations and stop any trucking of oil for export not accounted for by the federal authority. There is a risk the oil would be mixed with other smuggled quantities by ISIS to Turkish black markets.

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Can Iraq crack down on ISIS' oil riches?