U.S. economic chief in Iraq: Oil law stalled by politics, not technical, but Iraq has $2.5B for short term plan and PSAs for long term…

Iraq's oil law debate is political, not technical, a top U.S. official said, adding Iraq has tagged billions of dollars to boost oil production regardless, Ben Lando reports for United Press International.

Charles Ries, U.S. State Department minister for economic affairs and coordinator for economic transition in Iraq, said the proposed law isn't necessary for Iraq to produce oil "but it would clearly be much, much better and incentivize private investment to help Iraq produce more if a bill would pass."