The Third OPEC Summit on its closing day on Sunday is likely to announce a fund, which will have contributions from energy consuming countries and oil producers, to provide technological support for reduction of the environmental impact of fuel use, OPEC officials said.

OPEC was unlikely to announce any production increase and instead would make a commitment to ensure energy supply and seek to reduce carbon emissions released from pumping and refining oil and gas, they said.

OPEC General Secretary Abdalla Salem el-Badri has said OPEC is concerned about climate change and is willing to help develop ways to cut emissions such as carbon capture and storage.

"This needs a lot of money, this needs a lot of research," he said. "Developed countries have the financial backup, they have the technological backup to take the lead. Also, we will try to contribute."

One idea floated in forums ahead of the summit was for OPEC, industrial nations and developing countries to each stump up $1 billion to research carbon capture. Harmful emissions could be reduced if the carbon can be captured and stored, for example in depleted oilfields.

The oil cartel is also expected to reject a proposal from members Iran and Venezuela asking for pricing the produce in currencies other than dollar as weakening of the US currency had impacted revenues.

Saudi Arabia, the world's largest crude oil exporter, has opposed the move saying it did not want the US currency to "collapse". Saudi Arabian Foreign Minister Prince Saud Al-Faisal said his country would not discuss pricing oil in currencies other than the dollar.

Some members of OPEC, which produces 40 per cent of the world's oil, wanted oil trading in euro. The dollar has fallen nearly 15 per cent against the euro in the past 12 months.

el-Badri also stated that the cartel would not recommend pricing oil in any currency other than US dollars. The summit, only the third in OPEC's 47-year history, will include Saudi Arabia's King Abdullah, Iranian President Mahmoud Ahmedinejad and Venezuelan President Hugo Chavez.

The two-day summit from November 17-18 was preceded by a symposium of oil ministers from the member states that deliberated on conference theme "providing petroleum, promoting prosperity and protecting the planet".