Asked in a television interview whether Venezuela would continue to sacrifice output if other producers violated their quotas, he said: "We are noble but not stupid. If there is not collective compliance with the agreements, we are not going to be stupid and be the only one to make the sacrifice."

"We will take the corresponding measures if that situation arises. That is what we are talking about intensely right now with our partners in OPEC and non-OPEC producers," he added.

The new government of Hugo Chavez has vowed to abide rigorously by the previous administration's agreement to cut 525,000 barrels per day (bpd) from its 3.4 million bpd output.

Industry sources estimate Venezuela has about 150,000 bpd left to cut in order to meet the level agreed with other members of the Organization ofPetroleum Exporting Countries (OPEC).

Rodriguez has said he will send delegations to all OPEC countries, and some producers outside the cartel, before the scheduled March 23 OPEC ministers' meeting. As well as promising to abide strictly by the existing agreement, which lasts until June, Rodriguez has said producers should consider additional cuts as a means of getting prices up. However, OPEC officials say Iran's failure to implement the production cuts agreed last year are a significant obstacle to any further action by the cartel. Iran argues OPEC gave it a mistakenly low benchmark production from which to cut.