Iraqi Prime Minister Mohammed al-Sudani and OPEC Secretary General Haysam al-Ghajs said coordination between oil-exporting countries is necessary to ensure that oil prices do not fluctuate in the market. the Iraqi government said in a statement on its website following the OPEC Secretary General’s visit to Baghdad.

“Oil-exporting countries need to coordinate their actions to avoid fluctuations in oil prices and their impact on both exporting and consuming countries,” the statement said.

Iraq is a founding member of the Organization of Petroleum Exporting Countries (OPEC). Also, Iraqi Oil Minister Hayyan Abdul Ghani said Sunday that the country intends to maintain the rate of oil production cuts of 220,000 barrels a day in line with its quota under the latest OPEC+ alliance agreement.

“We have committed some oil companies operating in the south to cut production to meet the agreed upon OPEC+ rates,” he said.

We previously reported that the price of Brent dropped below $75 per barrel for the first time in more than a year.