OPEC's deal compliance 'acceptable', but changes needed: Iran minister

OPEC’s compliance with an agreement to cut oil output has been acceptable, but some changes are needed if producers seek to balance the market, Reuters reported Monday, citing Iran’s oil minister, Bijan Zanganeh.

“Firstly, all members should commit 100 percent to the production cut agreement and secondly, the production level of Nigeria and Libya should be brought into consideration,” Zanganeh said.

OPEC members Libya and Nigeria have been exempted from supply cuts as their oil industries recover from unrest.

The cartel also let Iran have a small output increase so it could recover market share that it lost while under Western sanctions.

OPEC, Russia, and several other producers agreed to reduce production by about 1.8 million barrels per day (bpd) since the start of 2017.