The newly elected Prime Minister of Iraq Mohammed Shia Al-Sudani expressed that his country desires to keep oil prices stable and not surpassing $100 per barrel.

The PM added that Iraq will hold further discussions with other OPEC members to increase production supply, reconsidering earlier oil cut decision.

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"Iraq is keen for stability of energy prices, we do not want prices to increase above $100 and neither, at the same time, for them to fall in a way that affects the level of supply and demand," Al-Sudani stated.

Earlier in October, The Organization of the Petroleum Exporting Countries (OPEC)'s member states voted on cutting their production of oil and agreed to reduce their oil production by 2 million barrels a day in light of the world's surging energy crisis.

Attempting to curve the prices of oil in the US when all else failed, Washington has been actively using its Strategic Petroleum Reserve (SPR) for over a year. 

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On October 13, Iraqi President-elect Abdul Latif Rashid charged Mohammad Shia Al-Sudani with forming a new government.

Al-Sudani's cabinet was approved by lawmakers on October 27, after a year of political stalemate.

The Prime Minister added that his country is set on maintaining its mediation between Saudi Arabia and the Islamic Republic of Iran.

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The Amwaj news website earlier reported that with the end of Mustafa Kadhimi’s premiership in Iraq, Saudi Arabia has informed Tehran through special channels that the dialogue between the two countries has stopped.

The 6-month negotiations between Iran and Saudi Arabia to restore diplomatic ties have been suspended by the latter, due to the change of government in mediator-country Iraq, Amwaj said citing an Arab negotiator.

"The concerned parties officially asked us to continue playing this role", Al-Sudani said.

Earlier today, Iranian Security Minister Esmail Khatib said it became clear in the recent events that the Zionist entity was responsible for implementation, the UK media was responsible for sponsoring, and Saudi Arabia was responsible for financial support.

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In an interview for Iranian leader Sayyed Ali Khamenei's website, Khatib pointed out that Saudi Arabia provided full financial support for the corrupt Berlin exhibition in the field of advertising, creating spaces, renting photographic equipment, providing facilities for the presence of journalists, and distributing food.