$40 U.S. oil price, an OPEC source also said. "We should be very concerned about the market. It needs action," Zanganeh told reporters in India. But he added: "I don't think prices will quickly go below $40." Thursday's sharp price rise was partly due to a brief cold snap in northeast United States, which has enjoyed relatively mild weather so far this winter, easing the strain on low heating oil inventories. Supply concerns also dog exports from the North Sea where about 350,000 bpd of crude production remains shut in. Continuing violence in Iraq ahead of elections scheduled for later this month has also helped to staunch the selling. Iraqi officials were quoted as saying that crude exports via the northern route to Turkey would not resume for at least 10 more days as repairs continued on the sabotaged pipeline. --SP 2108 Local Time 1808 GMT
