Opec hints at another output cut

While many other OPEC members have also said a further reduction may be in order, Daukoru8217;s apparent ease with 60 a barrel crude follows comments last week from price hawks Iran and Venezuela indicating that OPEC may be targetting a higher long-term price than analysts had expected.

OPEC, which pumps about one-third of the world8217;s oil, agreed in October on its first formal output curbs since 2004 to halt a slump in prices from a mid-July US record of 78.40 to less than 57 two weeks ago8212;their sharpest fall in more than 15 years.

Despite production cuts, prices remain stubbornly below 60 a barrel, due to doubts over compliance from many members, including Nigeria. OPEC meets in Abuja, Nigeria, on December 14.

Many analysts have said OPEC8217;s decision signalled its intent to maintain oil prices at around 55 to 60.

Although most members have avoided naming any new price target, Iran and Venezuela both appeared to set the floor at the upper end of that range last week.