Venezuela Against Any Increase in Crude Output

Venezuela will oppose any increase in crude oil output quotas, Venezuela's oil minister Rafael Ramirez said Sunday.

A key issue at the Dec. 5 meeting in Abu Dhabi will be a proposal to create a currency basket to price crude sold by all OPEC members, accroding to the Venezuela's oil minister.

"We don't see a need to increase oil production ... The market is well supplied," Ramirez said. "The basket of currencies is something we have pending and we will touch on that."