Source: Iraq's Oil and Gas Law faces new setbacks

Shafaq News/ Disagreements persist between the federal government and the Kurdistan Regional Government (KRG) over the Oil and Gas Law, with little political will to resolve the issue, an Iraqi MP confirmed on Sunday.

The Member of the Oil and Gas Committee Bassem Naghimsh told Shafaq News that there is no political consensus on resolving the law and sending it to parliament, noting that the main points of contention revolve around the implementation of Federal Court decisions, the federal government's responsibility for the Region’s oil, and its financial revenues.

"The law will not be resolved during this session due to the lack of genuine political will to push it forward," he added.

On March 4, sources revealed escalating disputes among Shiite, Sunni, and Kurdish political factions over the Oil and Gas Law, as well as the law governing the Popular Mobilization Forces’ (PMF) pensions.

Economist Nabil Al-Marsoumi also disclosed that nine foreign companies are demanding compensation of up to $24 billion due to the suspension of oil exports after the Iraqi Ministry of Oil canceled contracts with the KRG.