OPEC on Tuesday rejected reports suggesting the Group of Eight nations are preparing to boost oil production by 500,000 barrels a day, calling the claims “wholly inaccurate and misleading.”

The oil producers’ group said talks among energy ministers on the agenda for the upcoming G8 meeting had yet to begin, adding that speculation about coordinated supply moves was premature.

“The Secretariat strongly urges media outlets to exercise accuracy and responsibility in their reporting in order to avoid fueling unnecessary speculation in the oil market,” OPEC said in a statement from Vienna.