Venezuela's Energy Minister Rafael Ramirez said on Monday that buyers "should not hope" for a hike in world crude oil production at the July meeting of the Organization of Petroleum Exporting Countries (OPEC).

Ramirez, who is also head of the state-owned oil company Petroleos de Venezuela, said there was little OPEC could do now to influence international oil prices, which hit record highs in recent weeks.

Everything is on the move in the world petrol markets, he said. And the next OPEC meeting will "allow us to keep monitoring the petrol market and our policies together," he said.

He said the main reason for the high oil prices was the geopolitical tension over Iran, a crude oil exporter and OPEC member, adding that the nation was being "threatened" by the United States.

Oil producers have little capacity to increase pumping, while oil consumers have little capacity to increase refining, he said.

On March 8 in Vienna, 10 of the 11 OPEC nations agreed to keep the cartel's oil production at 28 million barrels a day.

Source: Xinhua