Legal regulation to ensure fair distribution of oil wealth in Iraq

Abstract

The legal regulation to ensure the equitable distribution of oil wealth in Iraq is a pivotal issue of utmost importance, given that oil is the country's primary economic resource. Despite Iraq's vast oil reserves, it still suffers from significant social and economic challenges, such as poverty, unemployment, and disparities in living standards. The main problem lies in the absence or weakness of effective legal regulation for the management and distribution of this wealth, leading to the inequitable distribution of benefits, exacerbating corruption and waste, and overlapping powers between the various levels of government (central, regional, and local). This hinders sustainable development and fails to guarantee the rights of future generations. It also negatively impacts transparency and accountability in the oil sector. Effective legal regulation aims to ensure fairness and equality in the distribution of oil revenues among all governorates and social groups, maximizing benefits for current and future generations while enhancing transparency and accountability, supporting economic development, and diversifying sources of income. The legal regulation process faces significant challenges, including political instability, rampant corruption, and conflicts of interest between various parties. The research concluded that establishing and implementing a sound and fair legal regulation for the management and distribution of oil wealth in Iraq is not merely an administrative necessity; rather, it is a fundamental pillar for achieving political and social stability, advancing comprehensive development, and ensuring a prosperous future for all Iraqis.