Venezuela's oil minister on Monday urged the Organization of Petroleum Exporting Countries (OPEC) to closely monitor the world oil market to prevent prices from falling before the group's next meeting in December.

"There's a consensus to wait and evaluate price behavior in the coming months. Depending on that evaluation, a decision will have to be made at the end of this year or early in 2007," Minister Rafael Ramirez said in a statement.

World oil prices surged to a record 78.40 U.S. dollars a barrel in mid-July after fighting erupted in Lebanon.

The prices plunged to below 66 dollars a barrel on Monday, after Iran said it might consider halting its uranium enrichment program and OPEC officials said they would maintain the group's 28 million barrel-a-day production target.

Venezuela, the world's fifth-largest oil exporter and a founding member of OPEC, has been one of the nations campaigning for high oil prices within OPEC.

Source: Xinhua