There are reports that momentum is building within OPEC for a supply cut of between 700,000 to one million barrels per day, though the timing for the reduction has not been decided.
Reuters quoted a Gulf source as saying that oil ministers were currently in consultations.
'There are some who want to cut now and others who want to wait until the US retaliation against Afghanistan is over,' he said.
There is not yet agreement on whether to involve key non-OPEC producers in any OPEC output action, the Gulf source said.
The organisation said yesterday that it did not intend to change production limits for now, despite crude oil's 25% slide from $29 peaks just after the US hijack attacks four weeks ago.
OPEC Secretary-General Ali Rodriguez said the group would not implement an automatic price stabilisation mechanism despite oil's slump.
It has an informal price mechanism to keep a reference basket of crudes in a range $22 to $28 a barrel with a central target of $25.
The device stipulates that OPEC output can be cut by 500,000 barrels per day if the basket price should fall below the lower limit of the price band for 10 consecutive working days. Last Friday the basket stood at $20.09 a barrel, the 10th successive day below the target range.
