UPDATE 1-OPEC output measures not needed for now-Ecuador

(Adds prices and background on OPEC)

QUITO, Nov 5 (Reuters) - OPEC measures on production are not necessary for now and the market is on the way to stability in prices, Germanico Pinto, Ecuador's minister for nonrenewable natural resources, told Reuters on Thursday.

"We have to keep looking at how the market is. Right now we believe it is not necessary to take any measures that alter the current conditions," he said.

OPEC next meets on Dec. 22 to discuss production targets, and both Venezuela and fellow price-hawk Iran have said OPEC need not increase output then.

Ecuador last month said the Organization of the Petroleum Exporting Countries should not cut output next year.

Oil prices fell to around $80 a barrel earlier on Thursday with traders locking in profits amid weak equity markets and a strengthening dollar.

(Reporting by Alexandra Valencia, writing by Patrick Markey in Bogota; Editing by John Picinich and Lisa Shumaker)