Venezuela's "capacity" to the rescue:

Venezuela Ready for 5% Increase at OPEC Feb. 1, Panorama Says
2008-01-10 10:58 (New York)
By Steven Bodzin

Jan. 10 (Bloomberg) -- Venezuela, a founding member of the
Organization of Petroleum Exporting Countries, will boost output
5 percent if OPEC decides to expand production Feb. 1, Panorama
said, citing a state oil company spokesman it didn't name.

The country is now producing 3.1 million barrels a day and
is ready to increase production by 160,000 barrels for the
remainder of the year, the Maracaibo daily newspaper said,
quoting the source at Petroleos de Venezuela SA.

Venezuela's ability to increase production is debated,
Panorama said. The newspaper quoted consultant Victor Santamarin
saying the company has the capacity to increase output to 5.5
million barrels a day. Rafael Santos, whom the newspaper called
an oil expert, said a lack of investment will prevent output
increases.

Rafael Ramirez, the country's energy minister, said Jan. 7
that current production was 3.2 million barrels a day. A
Bloomberg estimate puts production at 2.44 million barrels a
day.