OPEC was expected to follow through with a plan to raise crude oil production by 500,000 barrels per day (bpd) from August, Venezuelan Energy Minister Rafael Ramirez said on Saturday.
But the cartel could reconsider the proposal when it meets next month in Vienna, Austria, he said.
"What was decided at the last meeting was to put this 500,000 barrels out in August, but we will see July 21 and evaluate any extraordinary situation," Ramirez told reporters at a press briefing.
The Organization of Petroleum Exporting Countries agreed at the start of this month to increase official production by 2 million bpd from July 1 and bump up output again in August to help stabilize the market.
Consuming nations had pressured the oil producers' group to increase production as they fretted over the impact of high oil prices on their economic growth.
OPEC nation Venezuela, the world's No. 5 oil exporter, had argued against an output hike. It blamed the conflict in Iraq, U.S. refining capacity problems and market speculation for sizzling oil prices.
Analysts say the South American nation has no capacity to spare. But Ramirez said the increases set for August were already built into the market.
Nigeria said recently the cartel could cancel the August increase if prices fall more than $8 a barrel by the July policy meeting.
OPEC's reference crude oil price rose to $34.59 a barrel on Thursday, after Wednesday's drop to $33.91, the OPEC news agency said on Friday. The price has been above the cartel's official target range of $22 to $28 for most of this year.