(Updates throughout) SEOUL, Nov 6 (Reuters) - OPEC President Edmund Daukoru said on Monday that oil markets may not feel the effects of OPEC's production curbs until later this month and restated a further reduction may be needed if oversupply continued. "It's a clear oversupply," Daukoru, president of the Organization of Petroleum Exporting Countries (OPEC) and Nigeria's energy minister, told reporters during a visit to the South Korean capital. "If it continues like this, yes," he said, when asked about another round of cuts. Commenting on the cuts already agreed by OPEC, Daukoru said: "You will not see it but we have taken action and probably into the middle of the month, you will believe us." Asked how much was being cut, he replied: "I can't tell you." Output from the group, supplier of around a third of the world's oil, is expected to slip in November after OPEC agreed last month to cut supplies by 1.2 million bpd. Analysts are sceptical OPEC will cut the full amount and so far only buyers of crude from Saudi Arabia, the UAE and Algeria have confirmed those three members have made cuts totalling over 500,000 bpd. NIGERIA ATTACKS Daukoru insisted that the latest violence in the Niger Delta was a social rather than political issue and that a Briton and an American kidnapped in the area would be releaed soon. "We are aware of this, we are engaging seriously and regret the situation," he said. The two were kidnapped from an oil industry ship off the southern Nigerian state of Bayelsa, one of Nigeria's top oil producing states at the heart of the Niger Delta. The state government on Sunday had said it expected them to be released on Monday. The abduction of the two employees of Norway's Petroleum Geo-Services <PGS.OL> by villagers in a community dispute is part of a series of attacks on foreigners in the world's eighth largest oil exporter. The violence has forced hundreds of workers to pull out and has cut oil output from Africa's top producer by 500,000 barrels a day since February. On Monday suspected militants invaded an oil production facility operated by Italian oil company Agip at Tebidaba in southern Nigeria on Monday, a government official said. Daukoru also said that Nigeria would announce new bids for 56 oil blocks "very soon." Daukoru said there were 56 blocks, "which is a little bit less than what we finalised." (Reporting by Moon Hae-won and Marie-France Han; editing by James Jukwey; Reuters Messaging: mf.han.reuters.com@reuters.net; mf.han@reuters.com; +82-2-3704-5667))
