June 26 (Bloomberg) -- The Iraq Federation of Oil Unions, which represents more than half the nation's oil workers, will consider striking to stop the passage of a national oil law.

The union opposes the proposed law being negotiated in Iraq's parliament because it would cede too much control and revenue to foreign companies, Sabah Jawad, spokesman for the union's support committee in London, said at a briefing today.

``All options are open, including strike action,'' Jawad said in a later telephone interview. ``This is 21st century theft on a massive scale to rob Iraq of its major resource.''

Iraq, holder of the world's third-largest crude reserves, is trying to pass legislation that would let investors such as Royal Dutch Shell Plc and BP Plc develop the country's oil fields. Iraq is seeking to revive production slashed by three decades of war and international sanctions.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

Last Updated: June 26, 2008 07:57 EDT