An oil pump is seen in Lake Maracaibo, in Cabimas, Venezuela, August 13, 2016. REUTERS/Jesus Contreras
SINGAPORE (Reuters) - Oil prices fell on Tuesday after Venezuela said that global crude supplies needed to fall by 10 percent in order to bring production down to consumption levels, confirming analyst views that markets remain heavily over supplied.
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 on Monday.
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