Venezuela's Chavez says OPEC need not pump more oil

>The oil exporters group meets on Wednesday and Gulf Arab members are pushing for an output increase of at least 1.4 million barrels per day."We do not agree with production being increased now, we must continue to consolidate balance in the market and we have to defend fair prices," Chavez said, adding he thought the market was well supplied."Production will have to be increased when demand grows," he said during a shared press conference with Ecuador's President Rafael Correa, who agreed OPEC quotas should be left alone.Both men said $100 per barrel was reasonable. Correa said in real terms $100 was below the oil price 30 years ago.Along with Iran, Venezuela is a traditional price hawk within the OPEC group. An OPEC committee chaired by Algeria has recommended the producer group raise its output target by 1 million bpd at the June 8 meeting.Chavez also mentioned his country's oil exports to China, which he said were currently at about 500,000 bpd. He said Venezuela had agreed to raise shipments to 1 million bpd by 2015.(Reporting by Diego Ore; Writing by Frank Jack Daniel)