OPEC's Badri calls for Copenhagen compensation-report

* Says rich nations should let poor ones up living standards

* Wants a watchdog to monitor excessive oil speculation

LONDON, Nov 21 (Reuters) - Poorer oil-producing countries should be compensated for lost revenues if climate talks in Copenhagen agree to cut the use of oil, OPEC Secretary-General Abdallah al-Badri was quoted as saying in the Times on Saturday.

The Kyoto Protocol, the precursor to Copenhagen, had included the pledge of financial assistance, and failure to comply could be fatal for next month's talks in the Danish capital, the paper reported him as saying.

Badri said it was the richer oil-consuming countries that needed to acknowledge their responsibility for most of the carbon dioxide emitted to date.

They should not block poorer countries from raising living standards for their own people.

"We are not emitting," he was quoted as saying from OPEC's headquarters in Vienna. "Historically, it is the developed countries. The responsibility is on their shoulders.

"We need a comprehensive and sophisticated approach."