BBC:
Iraq's cabinet has approved a draft of a national oil law that would share revenues from the country's vast oil reserves among its ethnic groups.Prime Minister Nouri Maliki described the agreement as a "gift to all the Iraqi people".
Iraq's Shia majority and Sunni and Kurdish minority groups have squabbled over how to distribute oil revenues since the US-led invasion in 2003.
The draft bill must now be submitted to Iraq's parliament for a vote.
The cabinet decision to back the oil law came two months after the government's own deadline for legislation to come into force.
This is huge news from Iraq; critical for its future stability. You would think it would merit just the slightest mention on the CBC's national newscast.
You would be wrong. I guess it doesn't fit into the standard Americans-are-there-just-to-steal-the-oil template.