Last week saw the biggest step so far towards transferring Iraqi oil into the hands of foreign multinational companies. Greg Muttitt looks at the background, and the likely outcome

Pressure for Iraq’s controversial oil law intensified throughout the summer, with increasingly overt threats to topple the Iraqi government if it failed to deliver an oil law and other US “benchmarks”.

Multinational oil companies have reaped record profits the last two years due to the high oil price. But behind the scenes, they are playing a longer game.