Venezuela would cut oil production to halt falling crude prices, said President Hugo Chavez on Friday, adding that 50 to 60 U.S. dollars a barrel was an appropriate price.

"Venezuela has been the vanguard over the recovery of oil prices... today it's above 50 dollars a barrel -- that's an appropriate price," Chavez told the country's television.

Venezuela had agreed to cut production by 50,000 barrels a day (bpd) as of Oct. 1, following a request by Nigeria to do so, said the Organization of Petroleum Exporting Countries (OPEC) earlier on Friday

Nigeria and Venezuela together would reduce crude oil supply by 150,000 bpd, officials at OPEC headquarters in Vienna told reporters.

Venezuelan Oil Minister Rafael Ramirez said in a statement that the cut was "intended to mitigate the falling oil prices of recent weeks," and pointed out that Venezuela's oil basket had fallen eight dollars a barrel this month alone.

At the Sept. 11 OPEC meeting, Ramirez said that the organization might vote for a cut at the next conference in December.

On Friday, Venezuela's Bolivarian News Agency said that Venezuela's oil was worth 51.83 dollars a barrel.

Oil prices in Venezuela peaked above 78 dollars in mid-2006, but have fallen 20 percent since then.

Source: Xinhua