BEIJING, June 2 (Xinhuanet) -- OPEC (The Organisation of Petroleum Exporting Countries)ministers agreed on Thursday to maintain the current production quotas of 28 million barrels a day, rejecting a suggested cut by host Venezuela, the cartel's leading price hawk.

    At the 141st Extraordinary Meeting of the OPEC Conference, Venezuelan President Hugo Chavez said that current oil prices, at above 70 dollars a barrel in New York, were "fair" and that the market was oversupplied. Prices should not be allowed to fall below 50 dollars a barrel, Chavez said.

    "World oil inventories are in surplus and OPEC should consider reducing output to prevent a price slump," he added. 

    "At this price it is not possible for OPEC to propose a cut," said Qatari oil minister Abdullah al-Attiyah at the meeting.

    Several other ministers have publicly backed no change in oil production and said the decision was a foregone conclusion.

    Qatar, Libya, Algeria, the UAE and Nigeria have all advocated no change in the group's ceiling of 28-million barrels a day, a policy that has been in place since July last year.

    "I think OPEC has nothing (to do) except to roll over (existing production) at this time," the Qatar's minister said earlier. Enditem