BAGHDAD (AP)
An Iraqi official says Iraq believes that the $100 a barrel is a "fair and acceptable" oil price for both producers and consumers.
Oil Ministry spokesman Assem Jihad says that if crude prices continue to fluctuate, OPEC will cut its production.
Last Monday, Iraq's Oil Minister Hussain al-Shahristani told reporters in London that production of oil at its current levels could not be justified if demand slackened.
Oil for November delivery was trading around $73 per barrel on Thursday - far below a record $147 in July.
Current estimates put Iraq's proven oil reserves at 115 billion barrels. Its daily production stands near 2.4 million barrels a day.
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