Iraq wrote its oil law in 2007, 6 Prime Ministers and 19 years later it is still never passed. Oil brings in about 90% of the Iraqi government’s money. The law is meant to settle who runs the fields, who sells the barrels, and whose account the dollars land in. Without it there is no fixed rule for splitting that money between Baghdad and Erbil so every year the two sides argue it out from scratch – How many barrels Erbil hands over and what share of the budget it gets back. Every budget waits on that argument and this year’s is already a month past its legal date. This week the law is back on the table…
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