Venezuela: OPEC output cut might be in order

Venezuela says it's prepared to propose an oil production cut at the next OPEC meeting if crude prices decline further.

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Oil Minister Rafael Ramirez says if there's a tendency for prices to decline, "Venezuela would have to analyze the possibility of a production cut."

He says Venezuela will take that stance at the September meeting of the Organization of Petroleum Exporting Countries in Vienna, Austria.

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Ramirez said in a statement on his ministry's Web site Tuesday that the recent fall in oil prices "is the clearest evidence" that speculation has been affecting the market.

He said Venezuela believes prices should remain "at a level near $100" a barrel. World oil prices, meanwhile, jumped back above $115 a barrel in Tuesday trading.