UPDATE 1-Venezuela ready to propose OPEC cut if needed

(Recasts with minister comments on OPEC cut, details on OPEC meeting)

CARACAS, March 6 (Reuters) - Venezuela would propose another OPEC output cut if needed as the South American country sees oil markets oversupplied and petroleum inventories too high, Oil Minister Rafael Ramirez said on Friday.

Ramirez said OPEC should seek an oil price of at least $70 a barrel. Prices have fallen around $100 since reaching highs in July last year as the global economic crisis crimps demand.

Some members of the Organization of Petroleum Exporting Countries have raised the idea of cutting oil output further to lift prices at the group's March 15 meeting.

OPEC had agreed to lower production by a total of 4.2 million barrels per day since last September to support prices and counter declining consumption as the world's economies struggle with financial crisis. (Reporting by Brian Ellsworth in Caracas; Writing by Patrick Markey in Bogota; Editing by Christian Wiessner)