Venezuela did not rule out the possibility of oil output reduction by the Organization of Petroleum Exporting Countries (OPEC), Venezuela's Energy and Oil Ministry said on Tuesday.

OPEC may decide to cut oil production at its Jan. 31 meeting in Vienna, Rafael Ramirez, Venezuela's energy and oil minister, told reporters, saying that he could not rule out that possibility.

Ramirez pointed out that high oil prices are inevitable no matter what measures OPEC may take and he attributed the price hike to tensions between the United States and Iran, the political instability of Iraq as well as the world's inadequate oil producing and refining capacity.

However, he also said that the current oil price will sustain for a while.

The oil price cannot be stable if the oil consumer countries hamper the political stability of the producing countries, said the minister, adding that the oil price will keep up climbing if the United States continues to threaten Iran.

Venezuela, the world's fifth largest oil exporter, is one of OPEC's most important member nations. Its daily output of crude oil reaches 3.3 million barrels.

OPEC groups Saudi Arabia, Iran, Venezuela, Kuwait, the United Arab Emirates, Iraq, Nigeria, Libya, Indonesia, Algeria and Qatar.

Source: Xinhua