UPDATE 1-Venezuela Chavez says lower oil price not alarming

(Adds Chavez comment)

CARACAS, July 10 (Reuters) - A drop in oil prices in recent days is "not alarming," Venezuela's President Hugo Chavez said on Friday, adding that he saw no need for an emergency OPEC meeting even though world markets are oversupplied with crude.

"The price for Venezuelan oil is $7 above the price set in the budget," Chavez said. "We have no threat in sight."

He said oil markets were oversupplied and that "the green shoots have wilted" in the world economy, but said he was not thinking of calling for an emergency OPEC meeting to discuss supply. (Reporting by Marianna Parraga; Writing by Frank Jack Daniel)