The world oil market has been "sufficiently supplied" due to overproduction and it is "fair" to set the oil price at 60 U.S. dollars per barrel, said Venezuelan President Hugo Chavez on Tuesday.

"Venezuelan oil is reaching 60 dollars. We think that's a fair price,(and) the market is sufficiently supplied," Chavez told a press conference in Quito, the capital of Ecuador.

"We say there's even overproduction at the moment, but the decision will have to be discussed in OPEC. Decisions in OPEC are made through consensus. We respect everyone's position," Chavez added.

Venezuela is to host an OPEC (the Organization of Petroleum Exporting Countries) meeting on Thursday in Caracas. Oil prices rose above 72 dollars a barrel on Tuesday.

Venezuela is the world's fifth largest oil exporter. The Venezuelan government said earlier this month that it favored a cut in OPEC's oil production to restore the balance of the international oil market.

Source: Xinhua