"Everything points to OPEC not increasing production," the President said on the weekend. "I'm sure that's the opinion of most (OPEC member) countries.
"We're not willing to increase or to cut (production) at the next meeting."
Falling levels of oil stock plus the increasing likelihood of an American attack on Iraq has seen the oil price break through the $US30 a barrel mark over the past few weeks. Currently oil is trading at $US28.98.
The Venezuelan President, who earlier this year survived a coup, was backed by current OPEC President Rilwanu Lukman, who said on the weekend that the cartel should be careful not to tip oil markets into oversupply by raising production too much.
"We'll be cautious. There is a danger of putting too much oil into the markets," Lukman told reporters at the World Petroleum Congress. "There is no danger of putting too little oil in. We can always fix that."
