Baghdad/ Iraq TradeLink: Iraqi Parliamentary Oil and Energy Commission Ali al-Fayyad called for forming a higher oil and energy council to supervise Iraqi oil policies, contracts, partnerships, exports and the development of oil industry.
He pointed, in a statement, that this council should be under the chairmanship of Premier Haidar al-Ibadi.
MP al-Fayyad stressed that the oil policy should not be in the hands of the Oil Marketing Company (SOMO), which controls Iraqi oil contracts and exports.
"There is vagueness in the contracts signed by SOMO, so the Higher Council will eradicate all question marks on energy issues", he elaborated.
"Most of the countries have higher councils to administer national wealth and making contracts and deals", he pointed out.
Iraq is passing through economic crisis due to the decline in oil prices and the expenditures of the war against Da'ish (ISIS) organization.
Source: Iraq TradeLink