Nov. 12 (Bloomberg) -- OPEC, the producer of more than 40 percent of the world's oil, has no plan to discuss raising production targets at its Heads of State Summit in Riyadh on Nov. 17-18, oil officials from Iran and a Persian Gulf state said.

The Organization of Petroleum Exporting Countries won't discuss raising supply at the summit and will instead discuss that during a Dec. 5 ministerial-level meeting in Abu Dhabi, United Arab Emirates, Iran's OPEC governor, Hossein Kazempour Ardebili, told the state-run Islamic Republic News Agency today.

Separately, another oil official from a Persian Gulf state said by telephone today there was no plan to discuss or decide changes to production targets at the Riyadh summit, and that any such decision, should there be one, would wait until Dec. 5.

It is too early to discuss any possible additional output increase of 500,000 barrels a day even though OPEC is concerned about high oil price levels, said the Persian Gulf official, who declined to be identified by name.

OPEC is meeting on Nov. 17-18 in Riyadh, Saudi Arabia, for its Third Heads of State Summit since the group was founded in 1960. 17-18. Leaders of OPEC member countries are expected to join Saudi Arabia's King Abdullah to discuss the group's future concerns, including the outlook for oil markets and climate change.

Oil prices have jumped more than 20 percent since Sept. 11, when OPEC decided to increase output by 500,000 barrels a day starting Nov. 1.

Oil Prices

Crude oil in New York reached a record $98.62 a barrel on Nov. 7, driven by surging world demand and the threat of supply disruptions. Speculators have turned to oil and other commodities as an investment as other financial markets and the U.S. dollar weaken. December oil traded in New York fell 86 cents to $95.46 a barrel at 11:50 a.m. London time.

Agence-France Presse and Reuters yesterday reported that OPEC would discuss increasing production at the Riyadh summit if more supply is needed to ease prices, citing Kuwaiti Acting Oil Minister Mohammed al-Aleem and Saudi Arabia Oil Minister Ali al-Naimi.

Saudi Arabia's state-run oil company, Saudi Aramco, will supply Asian customers with full oil volumes in December as agreed under annual contracts, refinery officials said today.

The Dhahran-based producer will maintain oil supplies for a second month to Japan and South Korea, said the refinery officials, who received notices from the company, and asked not to be identified because of confidentiality agreements.

To contact the reporter on this story: Fred Pals in Amsterdam at fpals@bloomberg.netTarek Al-Issawi in Dubai at talissawi@bloomberg.net

Last Updated: November 12, 2007 06:53 EST