Iraqis Near Deal on Distribution of Oil Revenues
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The oil law would give the central government the power to distribute oil revenues to the provinces based on their population.
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Iraq's cabinet on Monday  endorsed a draft oil law crucial to regulating how wealth from  the country's vast oil reserves will be shared by its ethnic  and sectarian groups, a move hailed as a major political  milestone.
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ABUJA, Nigeria -- The leader of militia fighters threatening to widen a battle for control of Nigeria's oil-rich south said yesterday he agreed to a tentative deal with President Olusegun Obasanjo to end fighting in Africa's leading petroleum exporter that has riled global oil markets.
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Iraq is planning to spend more than $1 billion in 2005 to boost its oil production capacity by about 15 percent to 3.25 million barrels a day, an Iraqi official said.
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Several key OPEC producers including  Saudi Arabia, Kuwait and Nigeria have agreed to trim oil supply  from October 1 under an unofficial deal to stem falling prices,  a Nigerian oil industry source said on Thursday.
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The Iraqi government plans to phase out slowly subsidies on basic products, such as oil and electricity, which comprise 50 percent of public spending, equal to 15 billion dollars, the planning minister said.
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Â· Petraeus and UK officials upbeat on Iraq's futureÂ· Announcement could come next month
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Iraq&#39;s fragile political settlement appeared to be on the brink of collapse last night, with Sunnis, Shias and Kurds divided over whether elections can take place in January as planned.
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The Iraqi Cabinet approved draft legislation Monday to manage the country's vast oil industry and divide its wealth among the population
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Talks aimed at curbing bloodshed are under way attended by representatives of various groups in Iraq.
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A law that could shape Iraq's future by clearing the way for investment in its oil fields is deadlocked by a battle for control of the reserves and no end to the impasse is in sight, lawmakers and officials say.
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The United States and Iraq hope to sign   an agreement by next week to hand operational command of Iraq's   new army to Prime Minister Nuri al-Maliki, Iraq said on Monday,   after wrangles on wording had held up the accord.
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Kurdish authorities have agreed to back a draft law to manage and share Iraq's vast oil wealth, removing the last major obstacle to approving the measure and meeting a key U.S. benchmark in Iraq, a top Kurdish official said Saturday.
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Iraqi leaders hope to flesh out a deal to end sectarian bloodshed in Baghdad when they meet again on Tuesday and conceded a four-point plan, drafted under U.S. pressure, was still short on vital detail.
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Iraqi Prime Minister Nouri al-Maliki and President Bush will discuss the transition when they meet in Jordan this week.
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Political leaders in the capital struggled to reach a deal that would end the fight over splitting Iraq into autonomous states.
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Iraq's parliament might take a week to start debating a landmark draft oil law, officials said on Wednesday, as complaints from Kurdish authorities and Sunni Arab politicians signaled its passage could be rocky.