Assem Jihad, a spokesman for the Iraqi Oil Ministry, said on Monday that oil prices will decline further if oil producing countries do not cut oil output.

"It is necessary to reach an agreement between countries-producers, within the OPEC and other players outside the organization," he said.

Jihad noted that Iraq plans to cut its oil output to 3.6 million barrels per day from 3.8 million, adding that the country's oil revenues dropped by 70%.