MercoPress. South Atlantic News Agency

Venezuela supports oil supply increase.

Venezuela supports the 500,000 barrels per day increase OPEC promised to establish next month in an attempt to stabilize the volatile market.

"We don't foresee anything different from the 500,000 barrels per day that what was approved by OPEC in June", said Ali Rodríguez president of Venezuela's oil company, Petroleos de Venezuela S.A.

OPEC last June agreed to increase oil production 2 million barrels per day in July and an optional 500,000 in August, if considered necessary.

Mr. Rodríguez forecasted that oil prices which currently average 36 US dollars the barrel, should remain at that level, unless there's a significant increase in United States oil inventories, which could "temporarily push prices down".

The August increase must still be confirmed by OPEC in its coming ministerial meeting July 21 in Vienna.

OPEC's current daily production totals 23,5 million barrels and Venezuela is the world's fifth producer with 3,1 million barrels per day.