Iraq will not be capable of controlling the levels -- the limits of production, which means that Iraq cannot be a part of OPEC anymore. And Iraq will have this very complicated institution called the Federal Oil and Gas Council, that will have representatives from the foreign oil companies on the board of it, so representatives from, let's say, ExxonMobil and Shell and British Petroleum will be on the federal board of Iraq approving their own contracts.

while in the same show, Antonia Juhasz concurs that:

...the law certainly opens the door to US oil companies and the Bush administration winning a very large piece of their objective of going to war in Iraq, at least winning it on paper. The law does almost word for word what was laid out in the Baker-Hamilton recommendation... which is, at the very basic level, to turn Iraq's nationalized oil system, the model that 90% of the world's oil is governed by, take its nationalized oil system and turn it into a commercial system fully open to foreign corporate investment on terms as of yet to be decided. So it leaves vague this very important question of what type of contracts will the Iraqi government use. But what it leaves clear is that basically every level of the oil industry will be open to private foreign companies.

...it introduces this very unique model, which is that ultimate decision making on contracts rests with a new council to be set up in Iraq, and sitting on that council will be representatives -- executives, in fact -- of oil companies, both foreign and domestic...

I've taken a look at the draft law - but I'm no expert, so I'd be interested in the reactions and analysis of people here at the ET who are much more knowledgeable about what this law might mean and what its effects would be. How unique is the proposed model?