The Venezuelan government said Tuesday that it is not necessary for the Organization of Petroleum Exporting Countries (OPEC) to increase its production.

"We don't think it's necessary to increase the production of OPEC by 500,000 barrels daily to supply international markets," said Minister of Energy and Petroleum Rafael Ramirez.

OPEC President and Kuwaiti Energy Minister Sheikh Ahmad al-Fahd al-Sabah said Monday in Kuwait City that the organization is ready to increase the supply by 500,000 barrels per day (bpd) from May.

The move will be able to increase oil stocks and help cope with growing oil demand later this year, he said.

OPEC member countries agreed in March to increase production by 500,000 bpd to 27.5 million bpd in a bid to curb the surging oil prices, and left open the possibility to make a second increase in case the market needs it.

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

Source: Xinhua