Venezuela says the Organization of Petroleum Exporting Countries will soon need to make another production cut to boost falling oil prices, the Associated Press reported.
Oil Minister Rafael Ramirez estimates the 13-member cartel will need to cut production by at least 1 million barrels per day.
He says OPEC could decide to make the cut at its December meeting in Algiers, or even earlier.
Last week, OPEC announced plans to cut 1.5 million barrels per day at an extraordinary meeting in Vienna. The meeting was called to address plummeting prices.
Prices for light, sweet crude fell to $65.59 a barrel on the New York Mercantile Exchange Thursday - 55 percent below July's record highs.
While in Ecuador on Tuesday, President Hugo Chavez said he would support a second cut if necessary.