With oil prices back above 60 U.S. dollars a barrel and the global economy slowing, OPEC is likely to refrain from further tightening its oil spigots when the cartel meets next Thursday in Nigeria, The Wall Street Journal reported on Friday.

But in an indication that oil prices are likely to remain lofty, the Organization of Petroleum Exporting Countries will be poised to cut output if needed, with an eye on large stockpiles of crude stored around the world, the report quoted senior officials of this organization as saying.

The cartel, which meets about a third of the world demand of 85 million barrels of crude per day, in October called for a 4.4 percent reduction in its output. It remains unclear how much has been cut, but even partial compliance will mean the market is about to feel a drop in shipments.

Some industry analysts say prices could rise next year because the world will need more oil from the cartel, not less.

Several OPEC officials said the cartel is likely to schedule another meeting for late January or early February to review output levels.

"We don't have to do anything right now. This is our analysis of the situation," said a senior official of one major member of the 11-nation cartel.

Source: Xinhua