Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela's Oil Minister Eulogio Del Pino said Monday.
Del Pino, whose country is pressing for OPEC and non-OPEC producers to reach a deal to bolster crude prices, said a "fair price" would be around $70 per barrel.
"Global production is at 94 million barrels per day, of which we need to go down 9 million barrels per day to sustain the level of consumption," he said in an interview with state oil company PDVSA's internal TV station.
Del Pino is also president of PDVSA.
Venezuela's President Nicolas Maduro said Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets.
OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26 to 28.
Non-OPEC producer Russia is also attending the forum.