OPEC floats oil supply cut, weighs early meeting

By Nick Tattersall and Simon Webb

LAGOS/DUBAI (Reuters) - OPEC may need to cut oil output to bolster prices, oil ministers said Wednesday as the exporter group discussed holding an emergency meeting to discuss the impact of the financial crisis.

The group plans to meet on November 18 in Vienna, Algerian state news agency APS reported, quoting an unnamed source.

Libya's top oil official told Reuters a meeting on that date was under consideration, and Venezuelan President Hugo Chavez said on Wednesday the group was calling for an early meeting.

"Rafael Ramirez told me last night that (OPEC) is calling for an extraordinary meeting," Chavez said during a televised broadcast, referring to the nation's energy minister.

Nigeria, Qatar and Iraq, all members of the Organisation of the Petroleum Exporting Countries, earlier Wednesday floated the idea of a cut in the group's oil output.

"There may be a need to intervene to balance the market, if the price slide seemingly predicted on demand and over-supply continues," Nigerian Oil Minister Odein Ajumogobia told Reuters.

Oil, which hit a record high of $147.27 a barrel in July, fell to a 10-month low near $86 on Wednesday on expectations weaker economic growth will slow oil demand. While the falling price has been a relief for consumer countries, OPEC members rely on oil revenues.

The group's 13 members pump about 40 percent of the oil produced globally. Small producer Qatar said OPEC will cut supply if the financial crisis slows demand, but it was too early to say how much consumption would be affected.