Existing OPEC cuts should balance market

By Alex Lawler and Karin Strohecker

VIENNA (Reuters) - OPEC's existing oil output cuts should be sufficient to bring the world market into balance and no member has yet to suggest a further reduction, the group's new Secretary-General said on Monday.

Abdullah al-Badri, who took on OPEC's top job in January, also told Reuters he expects the world economy to remain healthy for the next five to six years.

OPEC, which pumps more than a third of the world's oil, agreed last year to cut 1.2 million barrels per day (bpd) from November 1 and a further 500,000 bpd from February 1 to bolster prices.

"Our percentage of compliance is satisfactory, even though there is room for improvement," Badri said at the Vienna headquarters of the Organization of the Petroleum Exporting Countries.

"If we applied the same percentage to the 500,000 bpd then we are going to see a balanced market."

Badri, a former head of Libya's state National Oil Corp, said compliance with OPEC's first round of cuts was about 66 percent.

"If we are able to improve the percentage of the cut this will do the trick," he said when asked whether existing cuts were sufficient.

"I think if we increase the percentage (of compliance) -- and that increased percentage will apply to the 500,000 bpd -- then the market will be moving toward a balanced market," he said.

OPEC meets on March 15 in Vienna to set oil output policy for the second quarter when demand normally slows from its winter peak.

Asked if any OPEC members were currently suggesting further production cuts, Badri said there were not.

He personally favors a price between $55-60 a barrel for OPEC's basket of crudes.

He also gave an upbeat outlook for world economic growth.

"I think it will move the same rate for the next five, six years -- the same rate as in 2007," he said. "(In 2007) ... it is a little bit lower than last year, but it is moving very healthily."