DOHA -- OPEC will guarantee adequate oil supplies in case of U.S. military strikes on Iraq, the cartel's President, Rilwanu Lukman of Nigeria, said Monday.

"I hope there will be no war against Iraq, but in the event of a cut in world crude supplies, we will be ready to pump more oil because we have adequate means to do so," he said.

"We do not need to draw up an emergency plan since we have the means to supply the market and war will have no impact on our means," Lukman told AFP in the Qatari capital.

OPEC officials were to hold informal consultations on the sidelines of a gas technology conference in Doha that opened Sunday.

Meanwhile, the price of oil rose Monday on persisting concerns about the global economy and market supply, traders said.

In London, reference Brent North Sea crude for November delivery rose to $28.52 a barrel from $27.99 at the previous close, while benchmark light sweet crude November-dated futures in New York gained 51 cents to $29.88.