Introduction

Iraq's new draft constitution offers significant power to the country's many regions in determining how to manage Iraq's oil wealth. The draft copy of the constitution which is expected to be adopted by the National assembly by next Friday [September 2, 2005] includes two main articles on oil. The first states that ownership of oil and gas reserves belongs to the Iraqi people which is agreed upon by all but the other article 110, however, remains Vague on oil policy and future investments, opening the way to different interpretations and possibly disputes. This would ...