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DUBAI, Oct 5 (Reuters) OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, a senior OPEC delegate said on Thursday, sending oil prices up nearly $1.50.

The world's biggest oil exporter Saudi Arabia will shoulder most of the burden, the delegate said, as OPEC moves to address a 25 percent drop in prices since mid-July and oil stocks that are running at a 7-year high in top consumer the United States.

''The goal now is to cut actual oil production by 1 million barrels daily as soon as possible but the exact date is still being worked out,'' the delegate told Reuters.

Nine OPEC countries are to take part in the supply curbs and will cut their ''fair share''. The reduction amounts to just over 3 percent of the organization's total output.

Only Iraq, exempt from quotas, and Indonesia, a net importer, will not participate, the delegate said.

Saudi Arabia will reduce its production by 300,000 bpd from September's 9.1 million bpd, the delegate added. That contradicts an earlier Financial Times report that said Saudi Arabia objected to moves to curb oil supplies.

This will be OPEC's first output cut since April 2004.

The group that pumps over a third of the world's oil last changed its ceiling in July 2005 with a 500,000 bpd increase.

The delegate said OPEC was concerned by the high level of global fuel stocks more than the price of oil, which has fallen sharply from its mid-July peak of $78.40 for U.S. crude.

U.S. oil rallied on the news, hitting $60.85 a barrel, up nearly $1.44, at one point.

''OPEC is closely watching developments in oil markets, especially crude stocks, which we've seen rising gradually. This might create further pressure in the market,'' the delegate said.

''OPEC is concerned about prices but the most important thing they are concentrating on are inventory levels.'' Analysts have expected this move for some time, especially after Nigeria, which currently holds the OPEC presidency, and Venezuela announced last week they were making unilateral cuts.

Kuwait, one of OPEC's core Gulf members, added to the impetus on Wednesday by stating its readiness to join in the reductions if necessary.

''The marketing departments of these countries are finding it difficult to move their oil. And high global inventories are of grave concern,'' said Gary Ross of New York's PIRA Energy.

''At the end of the day, OPEC members are trying to protect their revenue and, in turn, the oil price.'' OPEC will have plenty of time to measure the impact of its action before its next ministerial meeting in Abuja on Dec. 14.

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