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June 1, 2006 9:30 AM, EDT

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PEC, which produces about 40% of the world's oil, is likely to maintain production quotas at an output ceiling at 28 million barrels a day when the cartel’s ministers meet Thursday in Venezuela, Bloomberg reported.

OPEC members were not backing a push by Venezuelan President Hugo Chavez to cut oil production on the eve of the meeting in Caracas, the Associated Press reported.

atar’s oil minister, Abdullah al-Attiyah, said ahead of Thursday’s meeting he did not believe output should be cut now, echoing comments by other large oil-producing nations, AP reported.

Other ministers said prices have moved higher — and could continued to rise — because of tensions over Iran’s nuclear program, but said supplies were adequate even in the face of rising demand from countries such as China and India, AP reported.