Iraqi oil sparks political sour note

Mr. President, said Sen. Carl Levin, D-Mich., I am deeply concerned by the apparent lack of a clear and consistent U.S. policy on the entering into of oil deals in Iraq in the absence of Iraqi national hydrocarbon legislation. Unfortunately, that legislation, which would ensure equitable distribution of oil revenues among the Iraqi people and enable increased oil production and long-term foreign investment, remains stalled in the Iraqi Council of Representatives

In just a matter of weeks, much of the momentum behind Iraq's push to revamp its oil industry has been weakened by political infighting, notes the Middle East Business Intelligence. Just when it seemed that real progress had been made through the signing of long-awaited technical service contracts with international oil companies (IOCs), rifts have again appeared.