Venezuelan President Hugo Chavez said on Thursday that the Organization of Petroleum Exporting Countries (OPEC) had agreed that oil price should be 50 U.S. dollars per barrel.

"Fifty dollars per barrel is the OPEC consensus, " he said. The current oil price currently stands at 56 dollars.

High oil prices have given a major impetus to Venezuela's economy as well as Chavez's oil-funded social programs for the poor, ranging from subsidized grocery stores to cash assistance for single mothers.

Also on Thursday, Venezuela's Oil Minister Rafael Ramirez, who is also head of Venezuela's state-run oil company PDVSA, told the media that OPEC might cut oil production again at its December meeting.

"It could be 500,000 barrels per day," Ramirez said when asked how much he thought OPEC could cut.

Venezuela, a major supplier of crude oil to the United States, is a powerful voice in OPEC on price setting.

Source: Xinhua