Dubai to host meeting on Iraq's oil

The Iraqi Oil Minister stated that Iraqi parliamentarians and experts will attend a meeting in the UAE to talk about Iraq's new oil law which will allow the country to negotiate with global firms on the development of their oil fields, IDP reported.An Iraqi official stated that a minimum of three ministers will be among the 60 Iraqi members of parliament and oil experts present at the assembly. Two months ago the draft oil law was certified by Iraq's cabinet to determine how the profits of Iraq's oil fields will be distributed among the country's ethnic groups.He also said that it is possible to pass Iraq's oil law within two months because all concerned parties are in favor of it. The law will also reform Iraq's National Oil Company and will set up a Federal Council for national oil policy. It is worth mentioning that the ministry aims to increase Iraq's production of oil to more than 4 million barrels per day within four years. Source