Iran describes Opec compliance with oil cuts as 'acceptable'

Opec's level of compliance with production cuts in January has been acceptable, Iran's oil minister said on Monday, expressing hope for further cooperations from non-Opec members in the near future.

"Opec members' level of compliance to cut oil production in January has been acceptable and we predict more cooperation from the non-Opec members in near future," Bijan Zanganeh was quoted as saying by Mehr news agency.Zanganeh also said that Iran's first new-style tender to develop the Azadegan oil field will be limited to a few companies.