'Oil is about profit' - New Iraq Oil Law Leaked

I don’t think we can summarize it this short, because it’s a very long document, around thirty pages. But majorly, there are three major points that I think we should talk about. Financially, it legalizes very unfair types of contracts that will put Iraq in very long-term contracts that can go up to thirty-five years and cause the loss of hundreds of billions of dollars from Iraqis for no cause.

And the second point is concerning Iraq's sovereignty. Iraq will not be capable of controlling the levels -- the limits of production, which means that Iraq cannot be a part of OPEC anymore. And Iraq will have this very complicated institution called the Federal Oil and Gas Council, that will have representatives from the foreign oil companies on the board of it, so representatives from, let’s say, ExxonMobil and Shell and British Petroleum will be on the federal board of Iraq approving their own contracts.

And the third point is the point about keeping Iraq’s unity. The law is seen by many Iraqi analysts as a separation for Iraq fund. The law will authorize all of the regional and small provinces’ authorities. It will give them the final say to deal with the oil, instead of giving this final say to central federal government, so it will open the doors for splitting Iraq into three regions or even maybe three states in the very near future.