LEON HARRIS, CNN ANCHOR: Representatives of the OPEC nations are Vienna today for a big meeting. They're looking at increasing production by as much as one and a half million barrels a day. A survey of gas stations in the U.S. shows the average price for a gallon of gas has risen half a cent to $1.54 in the last two weeks. Let's go now live to Vienna for more on this important meeting. CNN's Brent Sadler is there this morning. Hi, Brent.</s>BRENT SADLER, CNN CORRESPONDENT: Thanks, Leon. It is amid those stunning increases that U.S. motorists are paying for their gas that the world's top oil producers are meeting here in Vienna to try and thrash out a new oil production policy for this coming year. The OPEC cartel comprises of 11 nations, including the world's top oil producer, Saudi Arabia. The oil ministers, whose deliberations haven't gained such anxious international attention since the crisis days of the 1991 Gulf War, are trying to work out a consensus on new supply quotas. They're considering a range of proposals to boost production by at least a mere billion barrels of crude a day, a proposal that might only half please Washington this election year. U.S. gasoline and other fuel prices have sky-rocketed in the past 12 months, as the cost of a barrel of crude roughly tripled and U.S. oil stocks fell to record lows. U.S. political pressure on friendly OPEC states to boost production has been intense, raising the hackles of some, notably Iran, a heavy hitter in the oil industry. OPEC is seeking to gently trim oil prices, but the level and timing any increased production is unlikely to make a difference, any difference at all, to the price you'll pay for gas now in the short or medium term at least. And it may take until October for those prices to flatten out. Back to you, Leon.</s>HARRIS: All right, Brent Sadler reporting live this morning from Vienna. Search CNN.com CNNSI.com CNNmoney.com The Web
OPEC Meets in Vienna to Consider Raising Oil Output