Any decision by the Organization of Petroleum Exporting Countries (OPEC) on a production increase of 500,000 barrels per day has to be unanimously made, Venezuelan Energy Minister Rafael Ramirez on Monday.

Venezuela has not been consulted yet by OPEC about a possible increase in oil production, Ramirez said.

OPEC's president, Kuwaiti Energy Minister Ahmad Fahd al-Sabah, said Monday that the organization is studying a possible production increase.

OPEC decided on March 16 in Iran to increase its production by 500,000 barrels per day, to 27.5 million barrels. The cartel has promised an additional 500,000-barrel growth if prices remain high.

Venezuela is the world's fifth biggest exporter of crude, with a daily production of 3.1 million barrels.