Draft Oil Agreement A False Dawn

January 2007 | Market Strategy

The completion of a draft oil law by a national Oil Committee headed by Deputy Prime Minister Barham Salih, has little chance of winning widespread acceptance and ultimate implementation, in light of the deteriorating security and political situation. In our view, the proposed reforms are highly unlikely to earn cabinet and parliamentary ratification. Still, the draft law highlights the raft of thorny issues requiring resolution. With Iraq's political future in a state of flux, significant oil sector reform stands little chance of winning widespread acceptance, while the Maliki government is in no position to implement changes. Iraq exported an average

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