Angolan Oil Minister Jose Botelho de Vasconcelos said on Thursday he believed there was a possibility that he and his OPEC counterparts could reach a decision on a possible ceiling on the group's crude output.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in Vienna.

Several OPEC sources said on Wednesday Saudi Arabia and its Gulf allies would propose to set a new collective ceiling in an attempt to repair OPEC's waning importance and end a market-share battle that has sapped prices and cut investment.