Speaking to reporters in Tehran on Sunday, the official described the level of compliance of members of the Organization of the Petroleum Exporting Countries (OPEC) to the body's output cut plan as "acceptable."
Islamic Republic of Iran has always considered sovereignty of OPEC and assisting it in stabilizing the market in favor of both producers and consumers as its policy, he said.
"The level of compliance of OPEC members to the cuts has been acceptable but some changes are still needed."
Asked what changes must be made in the implementation of the cuts, Mr. Zangeneh said: ”First is [ensuring] 100% compliance of all [OPEC] members to the output cut agreement and the other is considering the production of Libya and Nigeria."
OPEC members, following their 171st meeting in Vienna on November 30 2016 decided to cap the body's output by 1.2 mbd in a bid to remove the glut in oil markets to help improvement of prices.
Also, in a rarely seen move, OPEC and other global producers including Russia agreed to maintain output cuts by another 0.6mbd through March to end a price rout that has battered their economies since 2014.
Discussions have started between producers whether to extend the cuts or even increase them.
"Iran, within the framework of its national interests, would support any decision to support OPEC," he said.
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