BAGHDAD, Nov. 17 (Xinhua) -- Iraqi Prime Minister Mohammed Shia' al-Sudani met with founder of Russia's oil company Lukoil Vagit Alekperov on Monday to discuss ways to maintain stable oil production after U.S. sanctions disrupted the company's investment contracts.

According to a statement by al-Sudani's media office, the discussions focused on solutions to mitigate the impact of the U.S. actions on Lukoil, which currently produces approximately 480,000 barrels per day from Iraq's West Qurna-2 oil field.

The meeting also addressed the stability of global oil supply markets and the importance of avoiding any negative impact on Iraq's ability to contribute to global oil production.

According to mulitiple media reports, Lukoil declared force majeure at West Qurna-2 earlier this month after U.S. and British sanctions froze payments and canceled crude allocations.

In the statement, Al-Sudani stressed Iraq's position on market stability, affirming "Iraq's keenness to maintain stability in global oil markets in a way that safeguards the interests of both producers and consumers, while ensuring that Iraqi oil production continues at stable and approved levels."

The discussions underscore the delicate balance Iraq seeks to maintain between its strategic partnerships with international oil companies like Lukoil and its commitment to ensuring a predictable supply to the global oil market, especially as international sanctions and measures continue to impact energy flows.

Iraq's economy relies heavily on crude oil exports, which account for about 90 percent of the country's revenues. Enditem