Iraqi Leaders Reportedly Agree On Draft Oil Law

Reports say Iraq's Oil Committee, which groups senior national and regional leaders, has agreed a final draft of an oil law that sets rules for sharing revenues and boosting output.

Oil Ministry spokesman Asim Jihad said the draft calls for a federal committee headed by the prime minister to oversee all contracts. It would also have the power to review existing deals signed under Saddam Hussein or by the Kurdish regional government.

Jihad said the bill would go to the cabinet next week for consideration.

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