No need for OPEC oil supply adjustment: Iraq

DAVOS, Switzerland (Reuters) - There is no need for OPEC to adjust production when it meets on February 1 because world oil markets are adequately supplied, Iraq's oil minister said on Thursday.

Fears that top fuel consumer the United States may tip into recession have pressured markets from equities to commodities. Oil has slid to below $88 a barrel from a record high of $100.09 earlier this month.

"There does not seem to be a necessity to revise production figures, either to increase or decrease for the time being," said Hussain al-Shahristani.

"Things seem to be settling down, the price is coming down. There is plenty of oil on the market."

Asked about the possibility of taking barrels off the market in March, when OPEC holds another meeting, Shahristani said: "There has been no discussion. However, OPEC is always open to respond to market changes, and if there is any surplus in the market, then obviously OPEC will consider it."

"But for the time being, there doesn't seem to be any need or urgency for such actions."

(Reporting by Alex Lawler)