Venezuelan Minister of Energy and Petroleum Rafael Ramirez told reporters on Monday Venezuela will suggest the Organization of Petroleum Exporting Countries (OPEC) hold an emergency meeting to discuss further reducing oil output.(Xinhua/AFP Photo) Photo Gallery >>>

    CARACAS, Jan. 15 (Xinhua) -- Venezuelan Minister of Energy and Petroleum Rafael Ramirez told reporters on Monday Venezuela will suggest the Organization of Petroleum Exporting Countries (OPEC) hold an emergency meeting to discuss further reducing oil output.

    Ramirez said the continued increase of oil reserves may lead to a further drop in world oil prices. Venezuela has noted that although OPEC announced to reduce oil output twice, prices still remain very low.

    Venezuela will take all necessary measures to ensure the earnest implementation of OPEC' oil output cut plan, which will take effect on Feb. 1, said Ramirez.

    As an OPEC member, Venezuela's oil production is around 3 million barrels a day. It has agreed to cut oil production by 138,000 and 57,000 barrels per day respectively in line with OPEC's last two oil reduction plans.