New Report Details Massive “Rip-Off” of Iraq’s Oil Wealth

A new report by the British activist group PLATFORM documents what has been described as “a massive rip-off” of Iraq’s oil wealth. According the new report, “Crude Designs: The Rip-Off of Iraq’s Oil Wealth,” the control of Iraq’s oil is being handed over to multinational oil companies through long-term contracts that will cost Iraq billions of dollars. Current oil policy will allocate 64% of Iraq’s oil reserves to foreign companies who stand to make between 42% and 162% profit on their investments. The contracts, known as production sharing agreements (PSAs) generally last for 25 to 40 years and are usually secret.