TEHRAN Iranian Oil Minister Bijan Namdar Zangeneh said on Tuesday that the Organization of Petroleum Exporting Countries (OPEC) welcomes independent oil producers' cooperation in creating a stable situation in the market and improving oil prices.

Zangeneh said that setting the OPEC oil production quota depends on the market situation and producers should be conservative on this matter.

Pointing to the fact that the current OPEC crude oil production quota is valid until June, he noted, "Both OPEC and non-OPEC oil producers have a common goal, that is, creating stability in the oil market and attaining desirable prices."

On division of the Caspian Sea among the five littoral states Zangeneh said, "The Oil Ministry will not allow anybody to conduct oil exploration activity in Iran's 20% territory."