OPEC doubts producers can ramp up oil output

The Organization of Petroleum Exporting Countries (OPEC) president said on Friday that several non-OPEC producers might not be able to immediately ramp up output to help reduce current high oil prices, The Jakarta Post newspaper reported quoting the Associated Press on Saturday.

"We realize that some non-OPEC members can't increase production in the short term, but we believe they can over the longer term," OPEC President Purnomo Yusgiantoro told reporters.

Purnomo, who is also Indonesia's energy and mineral resources minister, said countries would need to increase investments before increasing output. He didn't mention any non-OPEC countries by name.

OPEC has decided to increase production by 2.5 million barrels a day over the next two months to help reduce sky-high global oil prices.

The group, which accounts for 40% of world oil supply, has asked non-OPEC members to follow suit. Russia is a major oil producer outside OPEC, which has said it can't increase its output any time soon. (*)