OPEC panel sees economy uncertain, lower oil stocks

VIENNA, Sep 8 (Reuters) The prospect of lower oil stocks and uncertainty over the global economy, demand growth and non-OPEC supply clouded the outlook for oil markets ahead of peak winter demand, OPEC officials said today.

OPEC's Economic Commission Board held a two-day meeting at the group's Vienna headquarters on Friday and Saturday, ahead of the meeting on Tuesday when OPEC oil ministers will decide output policy.

''After looking at the data, we see low inventories -- especially in the United States -- and uncertainty over GDP growth, oil demand and non-OPEC supplies,'' one source who attended the ECB meeting said on Saturday.

Consuming countries have called repeatedly for OPEC to produce more oil to bring down near-record prices and prevent a sharp drop in stocks during winter. So far, OPEC officials have said crude supply is sufficient.

But Iraq's oil minister, Hussain al-Shahristani, said earlier today that the Organization of the Petroleum Exporting Countries would discuss whether to increase production ''slightly'' to rein in prices.

Ali al-Naimi, oil minister for OPEC's top producer Saudi Arabia, declined to comment to reporters on his arrival in Vienna today. Other ministers are scheduled to begin arriving tomorrow.

A second source at the economic panel meeting said there was a concern that oil refinery maintenance in the fourth quarter would reduce fuel inventories. Still, he believed stocks would recover in the first three months of next year.

''In my opinion, OPEC is most likely to keep output steady,'' the source said.

Problems in US credit markets have led to concern of an economic slowdown in the world's largest energy consumer, which would curb growth in oil consumption.

OPEC had expected new supply from producers outside the group to meet most of the expected increase in demand when cold weather sets in later this year.

But if non-OPEC producers fail to meet expectations, demand for OPEC's oil would be higher than previously forecast. The group already supplies more than a third of the world's oil.

US crude settled at 76.71 dollars a barrel yesterday, within sight of its August 1 record of 78.77 dollars.

The winter stock fall could be exacerbated by the structure of oil prices, another OPEC source said. Oil for prompt delivery is more expensive than in later months, giving traders an incentive to sell oil from inventories.

''Backwardation will also take its toll on stocks,'' the source said.

Reuters TB RN0131