OPEC president sees more oil supply cuts Fri Dec 1, 2006 9:16 AM ET By Tom Ashby ABUJA (Reuters) - OPEC will probably trim oil supply again when it meets on December 14 although existing curbs are starting to remove some of the world's surplus, the producer group's president said on Friday. Nigeria's Edmund Daukoru told Reuters the volume of the reduction will depend on circumstances at the time, but oil's rally this week and a decrease in fuel stockpiles will influence the group's decision. "There is likely to be further trimming. The actual amount would depend on circumstances," said Daukoru. "What we are seeing now will definitely influence our decision on how much to cut." The price of U.S. crude has risen by nearly $6 a barrel to just above $62 since the Organization of the Petroleum Exporting Countries agreed at an emergency meeting in October to cut output by 1.2 million barrels per day (bpd) from November 1. "(The price rise) is not too much of a surprise, because the cuts announced took time to manifest and for the compliance to be noticed by the market," said Daukoru. "I am happy to see prices have firmed somewhat. I am beginning to be happy, but not fully happy." A Reuters survey showed 10 OPEC members bound by output curbs honored two thirds of their agreed cut during November. Supply was still nearly 600,000 bpd above a target of 26.3 million bpd. "With the drawdown in stocks, the cuts are beginning to work," said the OPEC president. U.S. crude fell to a 17-month low of $54.86 on November 17, a level which Daukoru said would not allow producers to invest in bringing on new oil. "Plans to install new capacity would have been in jeopardy if prices had stayed at the level they were two weeks ago."