Middle Eastern oil countries have called on OPEC to approve a rise in production when the cartel meets on Sunday.
The move has been called for to make up for Venezuela's lost production and to appease a tense market that also fears a US-led war on Iraq.
Top exporter Saudi Arabia said it favoured an increase to bring down prices that have risen recently over $30 dollars a barrel because of worries that the Venezuelan strike might not end before war is begun against Iraq.
The two crises could deprive world oil markets of a combined five million barrels per day (bpd) of crude.
Experts expect OPEC to boost production by between one and two million bpd in order to reduce the impact of the 40-day old strike in Venezuela, which has removed three million bpd from the market.
Venezuela accounts for around 13 per cent of US oil imports. The strike has caused US oil stocks to fall at a time when Washington needs them to increase as it prepares for a possible war on Iraq.
US State Department spokesman Mr Richard Boucher said Washington had told OPEC members an increase would be "positive".