OPEC cut decision proving ineffective-OPEC's Khelil

ALGIERS, Sept 13 (Reuters) - OPEC's decision to cut output is proving ineffective against speculators, OPEC President Chakib Khelil said on Saturday, adding its next gathering in December would hopefully take more "practical" steps.

"The current situation of the oil market is caused by speculators' practices," Algeria's official APS news agency quoted him as saying. "OPEC's decision to reduce output has proved to be ineffective against those speculators."

"The next OPEC meeting planned for December 17, 2008 in Oran will come out with a decision that we hope will be more practical," said Khelil, also Algeria's energy and mines minister.

Oil prices are down about 30 percent from a peak over $147 a barrel hit in mid-July, pulled lower by softening demand and a recent rebound in the U.S. dollar. (Reporting by Hamid OuldAhmed; Writing by William Maclean, Editing by Caroline Drees)