In an exclusive interview with PIN, Shahrestani said: "In our meeting, we discussed a number of areas of bilateral cooperation.

"We discussed the feasibility of join development of the oilfields straddle the border between the two countries," he said.

Shahrestani further stated: "Iraqi crude supply to the Abadan refinery through a pipeline, Iranian companies' presence in Iraqi refining section and many other subjects were the other issues we discussed."

Asked about the crude prices as a member of the Organization of Petroleum Exporting Countries (OPEC), the Iraqi Oil Minister replied: "The crude oil prices at the current level are obviously not sustainable," adding that if investment not to be encouraged in new developing fields, the marginal producers will not be able to continue their production with the current oil prices.

He added that if the price was too low, it would not encourage investment to meet future energy growth and it could lead to future supply and demand imbalances.

OPEC members, who hold more than three quarters of the world's proven oil reserves, have postponed some projects to expand supplies due to low prices and falling demand.

Shahrestani named $70 as a fair price for oil.

shahrestani said that in the next extraordinary meeting in May, OPEC will reconsider the demand and supply.

The Iraqi official said we will discuss about prices that would give sufficient encouragements to oil companies to invest and develop new potentials.

Answering to a question that despite low oil prices, many companies are interested in investment in Iraq, shahrestani said Iraq is a major country with huge oil reserves that are underdeveloped.

He said Iraq has a very ambitious program to develop its production and oil production cost in this country is the lowest in the world.