VIENNA, November 27. /TASS/. Venezuela supports a 5% output quota cut by the world oil cartel amid the current oil oversupply of 2 million barrels per day on the market, Venezuelan Foreign Minister and ex-Petroleum Minister Rafael Ramirez said on Thursday.

‘We intend to focus on removing oversupply from the market. It is estimated at about 2 million barrels per day,” Ramirez said.

His statement came ahead of a ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Thursday to decide on a possible output quota cut to halt a continued oil price fall.

The Venezuelan foreign minister said that oil over-production might expand in the coming years.

Also, “there is risk that the price will keep falling and stay low for long,” Ramirez said, adding he also saw a speculative element in the oil price plunge.

World oil prices have fallen from about $110 per barrel at the beginning of the year to under $80 per barrel at present.

The OPEC, which accounts for about 40% of global crude oil output, must remedy the situation on the market, Ramirez said.

“All are concerned about the price level: everyone agrees that the prices are very low,” he said.

Venezuela as an OPEC member is ready to cut output, if the oil cartel decides on reducing oil production by 5%, Ramirez said.

“Yes,” Ramirez said in response to a journalists’ question.

Global demand for oil may fall sharply in the first quarter of 2015, Ramirez said.

“The next quarter will be very difficult, with a very low level of consumption,” he said.

This will require the OPEC’s enhanced attention to the market,” the Venezuelan foreign minister said.

“If we don’t reach a consensus on cuts today, we’ll need to continue monitoring the markets,” he said.