OPEC President Edmund Daukoru warned on Sunday that the cartel may have to cut oil production again next month because the market was still "soft."

While many other OPEC members have also said a further reduction may be in order at its December meeting, Daukoru's comments are the latest to signal that the cartel may not be satisfied until it sees prices once again above $60 a barrel.

"$60 will not hurt the world economy," Daukoru, who is also the minister of petroleum in Nigeria, told Reuters as he arrived in South Korea for an oil and gas conference.

OPEC cut output from November 1 -- its first formal curbs since 2004 -- to halt a slump in prices, which tumbled from a mid-July U.S. record of $78.40 to less than $57 two weeks ago.

Despite the cuts, however, prices remain below $60 a barrel, in part due to doubts over compliance from many members, including Nigeria. U.S. light sweet crude closed at $59.14 a barrel on Friday.

Daukoru said all OPEC members must and will fully implement the 1.2 million barrel-per-day output cut agreed to last month in Doha, and Nigeria alone will cut 100,000 bpd, which would push daily production down to 2.1 million barrels.

But oil traders said Nigeria would actually raise exports in December by 50,000 b