ABUJA, Dec. 13 (Xinhua) -- OPEC members have not reached a consensus on possible production cuts and the decision is dependent on the report of its ministerial monitoring council, the organization's president Edmund Daukoru said here on Wednesday.

    The OPEC president told reporters at the Abuja venue of the organization's ministerial conference, which will formally open on Thursday, that if the market remains "soft" and the over supply persist, the organization would agree for a definite production cut.

    Daukoru, who is also Nigeria's Minister of State for Petroleum Resources, believes that there is excess supply of about 700,000barrels of crude per day in the market.

    The Venezuelan oil minister, Rafeal Ramirez, said in Abuja that Venezuela would push for further production cuts in the interest of consumers and producers.

    The Saudi Arabia minister would not push for any further cut, rather it would favor retaining the current production output.

    OPEC, which produces over one third of the world's oil output, agreed at its Doha conference in October to cut 1.2 million barrels daily with effect from Nov. 1 to stabilize oil prices.