20091218

LONDON (Reuters) - Angola, holder of the OPEC presidency and host of an OPEC meeting next week, is the least compliant with the group's agreements to limit oil output, according to Reuters calculations.

That irony will not be lost on other members of the Organization of the Petroleum Exporting Countries as they head to the Angolan capital Luanda for Tuesday's meeting to review their oil output policy.

"I don't want to say pressure, but there will be a request from the conference for more compliance," said an OPEC delegate. "This is the main thing that the meeting will concentrate on."

OPEC agreed last year to curb supply by 4.2 million barrels per day (bpd) as recession eroded demand. Compliance with the accord has slipped to 60 percent from 80 percent earlier this year, alongside a recovery in oil prices.

Past disputes within the exporter group over how much oil members are pumping and their compliance with agreed limits have led to internal squabbling which has undermined the group's credibility with the market.

But analysts say as long as oil prices hold firm, the chances of compliance rising are limited. Oil was trading at above $71 Friday, within the $70-$80 range that OPEC members have repeatedly said is high enough for producers and low enough to nurse a still fragile world economy.

"The compliance will be reviewed but given the current price level holding above $70, the incentive for greater cohesion around the targeted cuts is reduced," said Harry Tchilinguirian of BNP Paribas.