Iraq’s Oil Minister Thamir al-Ghadhban said on Wednesday that OPEC and its allies’ agreement to extend oil production cuts by the end of March 2020 would reduce stocks, help stabilize the market and address price fluctuations.

“The general trend is that $ 70 a barrel or more is acceptable,” Ghadhban said in response to a question on OPEC’s position on prices, adding that the organization was seeking fair prices for consumers and producers alike.Brent crude is currently around $ 65 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and producers of allies led by Russia agreed earlier this month to extend oil production cuts in an effort to support crude prices as the global economy slows and US production rises.

The minister said on the sidelines of the Energy Conference in Baghdad that Iraq hopes that “the freedom of navigation in the Straits of Hormuz without interruption and traffic.”

“Every day through the Strait passes at least 18 million barrels … The region needs to remain stable,” he said.

Iraqi Prime Minister Adel Abdul Mahdi said that any disruption of oil exports across the Strait of Hormuz would be a “major obstacle” to the economy of his country, which has very few ports for the export of crude.

Abdul-Mahdi said his government was considering contingency plans to deal with possible disruptions, including the search for alternative routes for oil exports.

The Strait of Hormuz has been at the epicenter of regional tensions for decades, a vital navigational link between oil producers in the Middle East and markets in Asia, Europe, North America and beyond.

Recent months have seen a series of events that have destabilized the region. Six tankers have been under attack since May amid escalating tensions between Tehran and Washington