Shafaq News/ Oil expert, Hamza al-Jawahri, said that Iraq's oil market is stable and benchmarks set the prices.

"The entire world relies on OPEC's oil," Al-Jawahri told Shafaq News Agency, "Iraq is OPEC's second biggest exporter for Asian and European countries. It also supplies the United States. The market of the Iraqi oil is stable."

"Even though some countries do not approve OPEC production cuts, which raised the prices, they cannot dispense with the Gulf oil that represents 70% of the global reserves," he said.

"Oil prices are determined in accordance with the benchmarks. The cuts or raises and the chemical qualities play a role too," he explained.