DONNA KELLEY, CNN ANCHOR: Oil-producing cartel known as OPEC is working to preserve its bottom line. Meeting in Vienna, ministers agreed to cut output by one million barrels a day or about 4 percent. By curbing supply, OPEC is hoping to restore its target price for a barrel of oil to $25. Prices have been hovering about two bucks below that benchmark due to weaker worldwide demand. Analysts are divided over how this latest curb will translate at the pump during the peak driving season. OPEC does not believe that the cut will push prices higher.</s>RICHARD QUEST, CNN CORRESPONDENT (voice-over): OPEC is inevitably sensitive to the accusation that it's going to put up the price of gasoline at the pump. They point out that the largest part of the price per gallon or liter actually paid to governments in the form of taxation, some 80 percent. They do also say that if they manage to stabilize prices at around $25 a barrel. That shouldn't have an effect on what price consumers finally pay. But just in case the oil industry and oil supply and demand does get out of kilter, the ministers have agreed to meet again in June. And that'll be a crucial meeting because it'll be just before the start of the summer driving season, when demand, once again, rises quite sharply. If prices are starting to rise, if the market is out of line, then we could perhaps see OPEC agreeing to increase production.</s>KELLEY: U.S. Energy Secretary Spencer Abraham called today's move "disappointing, and demonstrates a need for increasing domestic production," he said.
OPEC Considering Cutting Oil Production