May 24, 2010 / 1:21 PM / 9 years ago

UPDATE 1-OPEC concerned by drop in oil prices-Libya

* “Really concerned”, but need to wait for price trend

* Price influences include lack of OPEC quota compliance

(Adds quotes)

LONDON, May 24 (Reuters) - OPEC is very worried about the fall in oil prices and is watching developments in the market closely, but it is too early to say if OPEC needs to take any action, Libya’s top oil official said on Monday.

Shokri Ghanem, the chairman of Libya’s National Oil Corporation, was speaking by telephone as oil traded just above $70 a barrel, close to the bottom of the $70-$80 range many in the Organization of the Petroleum Exporting Countries have said they prefer.

“We are really concerned. We are following the market and concerned,” Ghanem said.

But he echoed the sentiment of other OPEC officials in saying it was too early to tell if the group, which pumps more than a third of the world’s oil, needed to take any action as a result of the fall in prices.

“We have to wait for a trend to be established,” he said.

Oil prices were being driven by several influences, including the U.S. dollar and OPEC members’ failure to meet in full their agreed output targets. [OPEC/O]

“OPEC members are not abiding very much by their quotas,” he said. (Reporting by Alex Lawler; Editing by Barbara Lewis)

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