What could be better termed as a pacifying move and a tentatively balancing act, Iraq’s cabinet has given approval to a new legislation to structure sharing of national oil revenues. The newly approved national oil law is formula of sharing oil revenues from country’s vast oil resources among ethnic groups of Iraq.
The Prime Minister of Iraq, Nouri Maliki, has hailed the new law as a gift to all the Iraqi people. However, practically the new law is an attempt to save crumbling politics of Iraq, which is heading towards a collapse.
Three most prominent groups Iraq’s Shia majority, Kurds and Sunni were at bitter dispute over the question of distribution of oil revenues. However, the draft bill is subject to approval from Iraq’s parliament and the bill is likely to be introduced before it soon.
The decision was tough to be reached to a consensus over the issue in Iraq. The latest bill approved by the cabinet after two months, when the government’s own deadline expired to bring the legislation into force.
