OPEC unlikely to deepen oil supply curbs-sources

By Henrique Almeida and Alex Lawler

LUANDA/LONDON (Reuters) - OPEC is unlikely to cut its oil output target at meeting this month, a source close to the group's Angolan president and a second OPEC delegate said as oil hit a six-month high of $60 a barrel.

The exporter group is likely at its May 28 meeting in Vienna to focus on complying with 4.2 million barrels per day (bpd) of existing output curbs, the sources, who spoke on condition that they not be identified, said on Tuesday.

"OPEC will not ask its members to carry out more cuts at the next meeting. The current production target should remain in place until September," said the source close to the OPEC president.

Oil hit $60 for the first time since November 2008 on Tuesday as hopes of economic recovery lift equities. It has rallied more quickly than some in OPEC expected from a near five-year low of $32.40 in December.

The second delegate from the 12-member Organisation of the Petroleum Exporting Countries, source of more than a third of the world's oil, also said a further cut in output targets was unlikely.

"There is no need to do anything; only to comply," he said. "The market is stabilising. By the end of the year it may reach $70."

HIGH INVENTORIES A CONCERN

Oil has rallied despite what some analysts see as bearish fundamentals of supply and demand, and some in OPEC are calling for output to be reduced further.