* Reuters poll shows OPEC makes 67 pct of pledged cut in Jan
* OPEC President says group could cut more supply if needed
* Nigeria oil union threatens strike from Feb. 9
* U.S. crude stocks seen up for sixth straight time
(Updates prices)
LONDON, Feb 3 (Reuters) - Oil hovered near $40 a barrel on
Tuesday as some investors grew convinced that aggressive supply
cuts by OPEC may finally be building a floor under crude prices.
Despite softening world energy demand, oil has held above
the $40 mark in recent weeks, buoyed partly by OPEC's pact to
remove more than 4 million barrels per day of output since
September to rebalance world markets.
A Reuters survey showed the group, which pumps one-third of
the world's oil, had carried out about 67 percent of its
pledged, record curbs in January. Top exporter Saudi Arabia even
came in slightly below its target. []
U.S. light crude for March delivery <CLc1> was unchanged at
$40.08 by 1351 GMT, having fallen to $39.83 on Monday, the first
time below $40 a barrel in three weeks.
London Brent crude <LCOc1> was 43 cents higher at $44.25.
"Prices do seem to have bottomed for now," said Kevin
Norrish of Barclays Capital. "OPEC has probably taken more than
enough off the market and there's a risk of over-tightening, in
which case prices would go back up fairly swiftly."
Oil fell sharply on Monday as the worsening global financial
crisis led to grim forecasts for fuel demand and U.S. refinery
workers averted a strike that would have cut output.
[]
U.S. gasoline and heating oil were especially hard hit,
falling more than 9 percent and 6 percent, respectively, while
U.S. crude lost only about 4 percent.
While protests ended in the U.S. energy sector, they could
be about to start in OPEC producer Nigeria.
NIGERIA STRIKE WARNING
Nigeria's senior oil workers' union threatened to begin an
indefinite strike from Monday unless the government improved
security in the Niger Delta, its restive oil heartland.
Nigeria pumped about 1.75 million barrels per day (bpd) in
January, versus its OPEC supply target of 1.67 million bpd,
according to a Reuters survey.
Lead OPEC producer Saudi Arabia and neighbouring Gulf
members virtually met their supply targets, which analysts said
would go some way in removing excess oil.
"OPEC cuts will begin to take effect on inventories in a few
months and the market is pricing that in. The caveat is the
economy," said Anthony Nunan, risk management executive at
Tokyo-based Mitsubishi Corp.
OPEC President Jose Botelho de Vasconcelos, also Angola's
oil minister, said on Tuesday the group could cut more if
needed.
Slowing economic growth in the United States, Japan and
other major consumers has dampened fuel use, swelled stocks and
knocked more than $100 a barrel off the price of crude since its
July 2008 peak near $150.
In addition, inventories in top consumer the United States
were expected to grow yet higher.
U.S. crude inventory data were likely to show stocks rose
for the sixth time in a row as refinery utilisation remained
curbed by seasonal maintenance and imports rose, according to a
Reuters poll of analysts. [].
Analysts issued their forecasts ahead of weekly inventory
data to be released on Wednesday by the U.S. Energy Information
Administration. Industry group American Petroleum Institute will
release its data on Tuesday.
(Reporting by Alex Lawler and Peg Mackey in London, Annika
Breidthardt in Singapore; editing by Anthony Barker)
