NEW YORK (CNN/Money) - A published report says that while OPEC is not likely to formally raise production at its Sept. 19 meeting, that key members including Saudi Arabia are promising to fill in any shortfall in oil due to any possible fighting in Iraq.

The Wall Street Journal reported Monday that Saudi officials have sought to reassure the markets and U.S. officials that they have enough spare capacity and intend to step in and replace the flow of oil from Iraq is interrupted. Saudi ambassador Prince Bandar bin Sultan is set to meet President Bush at his Texas ranch Tuesday.

Concerns about possible U.S. action in Iraq have helped drive up the price of oil this summer. A barrel of light crude for October delivery closed at $28.63 in trading Friday, although that's down from the 18-month high it hit earlier in the week when it crossed the benchmark $30 a barrel level. If the Journal quoted economists who worried that if price were to stay above a $30 level, it would increase the risk of another recession in the U.S. economy.

The paper said that OPEC is signaling it is unwilling to increase production due to fears it could lead to sharply lower prices, but that it felt that concerns about war with Iraq, not market fundamentals, are responsible for the current price level.

In other oil news, five large oil companies agreed to help develop Venezuela's natural gas reserves, the clearest sign yet that the leftist government of President Hugo Chavez is interested in greater foreign investment.

The Journal said that the agreements with Britain's BP PLC and BG Group PLC, US-based ChevronTexaco Corp., Norway's Statoil ASA and France's TotalFinaELF SA are expected to bring $4 billion in investment in the next six years. ExxonMobil is considering bidding for one remaining blocks of offshore land that is most difficult to develop, the Journal reported.