DAVID HAFFENREFFER, CNN ANCHOR: Well, oil producers are meeting in Vienna today, as Todd mentioned, to discuss the possible increase in oil production to stem the recent rise in oil prices. Our Charles Hodson is standing by in Vienna with the latest. Good morning to you, Charles.</s>CHARLES HODSON, CNN CORRESPONDENT: Good morning, David. Well in just a few hours time, ministers from the 11 members of the OPEC oil cartel will be filing through this hall here behind me and going upstairs to their conference room for what will be, I think, probably the most important meeting of recent times, certainly the most important since their meeting of a year ago in March of 1999, where they agreed quotas, restrictions on supply, which have succeeded, or certainly have helped push the oil price all the way up to $34 a barrel. What they are now considering is a system whereby they would ease those restrictions. And nations led, for example, by Saudi Arabia, far and away the largest producer within OPEC, will the leading an initiative which would see those quotas relaxed in such a way that we would see an extra million, perhaps as much as 1.7, 1.5 million barrels a day being produced, for two reasons: first of all, in the interest of global-price stability on the oil price, but also in the interests of global economic health. The members of OPEC, many of them, certainly are worried that if we continue with these very high will prices then the impact on the global economy, and in particular upon the U.S. economy, will be devastating. Nevertheless, there are of course those members of OPEC who are not usually particularly accommodating to United States, and it may very well be a long discussion. It may very well be that the markets are already factoring in some relaxation, some opening of the pumps, but they may have a while to wait -- David.</s>HAFFENREFFER: All right, Charles. Thank you very much. And we should note here that North Sea Brent Crude prices are lower by 16 cents at $25.75 to the barrel. Search CNN.com CNNSI.com CNNmoney.com The Web
OPEC Leaders Meet in Vienna to Consider Relaxing Oil Restrictions