The OPEC oil-producing cartel will respond to global concerns about soaring oil prices at a summit in Caracas this week -- but not with a production hike, ministers have said.

Meeting for a heads of state summit to celebrate cartel's 40th anniversary, they ruled out plans for a further increase in output on Monday, as demanded by consumer countries.
Leaders of the Organisation of Petroleum Exporting Countries (OPEC) are gathered in the Venezuelan capital to mark the group's 40th anniversary on Wednesday and Thursday.

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“OPEC will announce on Thursday its position on the demands of IMF and G7 for producers to act to reduce high crude prices,” said Venezuelan Dy Foreign Minister Jorge Valero.

“A concluding declaration by Venezuelan President Hugo Chavez will include proposals that will certainly have international repercussions,” he added.

Bureau Report