The Organization of the Petroleum Exporting Countries (OPEC) said Monday it is ready to pump an additional 500,000 barrels per day (bpd) to meet surging global demand.

Acting Secretary General of OPEC Adnan Shihabuddin told the UAE official WAM news agency that the more global market demands the more oil OPEC will pump.

"OPEC has an additional output capacity that exceeds its present production level by two million bpd and most of the increase will come from the Gulf oil producing countries," he said.

Shihabuddin disclosed that OPEC ministers are currently studying the general trend of global demand up to June this year.

"We will intensify consultations over the next few days and weeks should the trend continue to be an escalation of prices," added Shihabuddin.

The minimum reasonable and acceptable price range of OPEC's basket at present stage should be over 28 US dollars per barrel, he said.

However, world oil prices struck an all-time high of above 58 dollars a barrel on Monday.

OPEC ministers decided at their last meeting on March 16 in Iran to raise output quota by 500,000 bpd to 27.5 million bpd in a bid to curb surging oil prices and promised to raise another 500,000 bpd if the prices continue to rise.