Local oil politics stall parliament

Unresolved disagreements over the control of Iraq’s oil and the distribution of revenue have stopped the new parliament, before it can even start.
Local oil politics stall parliament
Iraq's second oldest MP, Fouad Maasum, chaired the first session of the new parliament in Baghdad on June 14, 2010. A month later, the Parliament missed its deadline for a second meeting. (ALI AL-SAADI/AFP/Getty Images)

Iraq's newly elected parliament was scheduled to meet Tuesday, but the tall task ahead of it proved too daunting. Not only do the new MPs need to negotiate a ruling coalition, but once they do, they’ll need to broker legislation that will regulate the development, management, and distribution of all things oil in Iraq. Under the strain of such expectations, Iraq’s would-be legislators postponed another two weeks. Investors hoping to understand the impact of the elections on Iraq’s oil sect...

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