Iraq’s parties reach deal on oil-sharing

Iraq’s main political factions have hammered out an agreement on the sharing of oil and gas revenues but other contentious issues need to be resolved before a draft hydrocarbon law is completed, a senior Iraqi official said on Tuesday.

Oil and gas revenues would be shared out at the federal level and redistributed to the regions according to population and “needs”, he said. This would still provide an incentive to regional oil companies to maximise output, he added.
Financial Times