Isis' new video 'The End of Sykes-Picot' ends with a member of the group laughing at US President Barack Obama. YouTube

The Islamic State of Iraq and the Levant (Isis) has released a new video entitled "The End of Sykes-Picot" in which a laughing jihadist mocks US President Barack Obama.

The unidentified Isis member pulls up to the camera in a Ford 350 truck before asking over the vehicle's tannoy: "Obama, did you prepare enough diapers for your soldiers or not?"

The video shows an Isis militant from Chile, Abu Saffiya, standing at the Iraqi-Syrian border created by the 1916 Sykes-Picot agreement.

The group uses the deal as a pretext to their holy war in both Syria and Iraq, speaking of the injustices it created, dividing the Ottoman Empire's spheres of influence between Britain and France after the First World War.

Saffiya then shows badges from the uniforms of Iraqi army soldiers who deserted the second city of Mosul before it was captured by the terror group.

"As you can see there are weapons and swords and the Iraqi flag, but they are nothing but cowards they only run away," he says in the 15-minute-long video.

"The soldiers, they took these [badges] off with their uniforms and they threw the uniforms in the streets and ran away like they were civilians. They are cowards."

The Isis militant then proceeds to speak in front of what is believed to be US-supplied humvees stolen from Mosul and Iraqi border patrol vehicles.

"Look at how much money America spends to fight Islam and it ends up being in our pockets," he adds.

Saffiya then goads the groups that have cooperated with the US by saying that the equipment supplied by America is now under Isis control.

"A message to the people in the West. Just keep giving and we will keep taking inshallah [God willing]."

"To the group's that cooperate with America...look how far it got you now. You asked for so much cooperation but all the help you got from America ended up being with us."

Following their march through northern Iraq - capturing the cities of Mosul and Tikrit - the group have announced the establishment of a "caliphate" over the areas they now control in Iraq and Syria with its leader Abu Bakr al-Baghdadi becoming the "caliph" and "leader for Muslims everywhere".