World oil markets are well supplied with petroleum inventories above average, Venezuela's Energy Minister Rafael Ramirez said.

Opec-member Venezuela said earlier this week that the cartel is likely to keep its production levels stable when it meets in November in Saudi Arabia, despite US oil prices above $90 a barrel.

Officials from the US and China -- the world's two largest oil consumers -- have expressed concern that current crude prices are too high.

Ramirez also said Opec was likely to discuss a mixed currency basket for oil prices at its next summit. Reuters