* Global oil market still oversupplied

* Stocks now provide forward cover for about 62 days

* $80 per barrel not too high for oil price

By Amena Bakr and Stanley Carvalho

ABU DHABI, Nov 16 (Reuters) - OPEC president Jose Botelho de Vasconcelos said on Monday it was still too early for the oil exporters' group to make a decision on production changes before its December meeting, as the market remained oversupplied.

The Organization of the Petroleum Exporting Countries will meet in Luanda, Angola, on Dec. 22 to decide on its oil production policy.

"The situation is not (yet) stabilised... I think the market has, at this time, a lot of stocks... and we need to wait until the meeting," he told Reuters.

Botelho de Vasconcelos said the market was still "a little bit" oversupplied, putting current global oil inventories now about 62 days of forward cover.