Venezuelan Energy and Oil Minister Rafael Ramirez said on Tuesday that his country does not agree to increase the oil production of the Organization of Petroleum Exporting Countries (OPEC) despite a rise in world oil prices.

"We think that the market situation must be followed with caution and we should not rush to introduce not demanded volumes to the market," Ramirez told the press after attending the 3rd World Congress of Heavy Oil in Margarita Island, Venezuela.

Venezuela, South America's largest oil producer and also an OPEC member, has a daily average production of some 3.3 million barrels.

Ramirez said market speculation and the devaluation of the U.S. dollar affected the current market behavior, and he added that Venezuela aimed to raise the oil price to 70 dollars per barrel at the end of this year.

Benchmark light, sweet crude for December delivery rose 1.47 dollars a barrel to settle at 79.60 dollars on the New York Mercantile Exchange on Tuesday.

OPEC has made successive cuts to its oil production since September 2008 to boost prices. The next OPEC meeting will be held in December this year.

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