OPEC oil producers yesterday looked likely to cut output in a bid to boost the oil price, despite their mounting concern at losing further market share to producers outside the cartel.

Mr Ali Rodriguez, OPEC's secretary general, said yesterday a reduction of more than one million barrels a day was "a possibility", but would only be decided when OPEC ministers held their next regular meeting in Vienna on November 14th.

The benchmark Brent crude hit a two-year low of $19.04 (€21.23) a barrel last week, and was yesterday still trading at nearly a third below its level before the September 11th terrorist attacks.