If you formed your impressions solely from mainstream media coverage in the United States, it is quite likely you would have the following understanding of the draft "oil law" being considered by the Iraqi parliament: the US Congress has set a benchmark for the Iraqi parliament to pass an "oil law," and in order to satisfy the benchmark the Iraqi parliament must pass the law it is currently considering.
This is quite a false impression, as can be seen by examining the press coverage and comparing it do what the law passed by Congress actually says.