Venezuela says world oil markets well supplied

CARACAS, Oct 27 (Reuters) 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 dollar a barrel.

Officials from the United States 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.Ellsworth in Caracas, REUTERS SZ PM0606