[Leon Harris, Cnn Anchor:] Well, the price you pay for a broad range of products and services rest in the hands of 11 oil cartel members meeting in Vienna. That's the same group who, just a year ago, cut production and caused the price of oil skyrocket to a nine- year high. CNN's Brent Sadler joins us now live from Vienna. He's got the latest word on what's happened so far in those meetings and what we should expect from here Brent.
[Brent Sadler, Cnn Correspondent:] Thanks, Leon. Well, by most accounts here in Vienna, OPEC is going through some pretty tough decision-making right now. There is, in fact, something of a split between member states, those 11 member states, of OPEC. On the one hand you have the Saudi Arabians, the Kuwaitis, the United Arab Emirates, Algeria, and others trying to raise production levels to something about 1.7 million barrels of crude oil a day. Now, that might have eventually this year some impact on the amount of money you pay for your gas in the United States. On the other hand, you have more hard-line countries, now led by Iran, which are saying there should be no production cuts whatsoever. In fact, this meeting should have started here at the OPEC headquarters in Vienna about midday local time. That's been put back to several hours from now. And I've just heard from the Saudi delegation here, which is working furiously behind the scenes to try workout some sort of compromise along with other member states, that this meeting could well drag on another day. So some very serious difficulties here going on right now. Now also, the Iranians and the Iraqis the Iraqis, you must note, are not part of the quota system because of United Nations sanctions there have been some reactions, adverse reactions, as a result of what those member states say are sustained U.S. pressure against member states, they say particularly the Persian Gulf nations of Saudi Arabia and their neighbors in the Gulf. Now the Iraqis are particularly anxious angry, in fact, that they say that U.S. Energy Secretary Bill Richardson made a call, an important call, they say, before the first formal session got under way here, and that had raised the hackles of those member nations that don't want to see any increases. This is what the Iraqi oil minister, Dr. Amer Rasheed told me a short time ago.
[Amer Rasheed, Iraqi Oil Minister:] But some members are under such great pressure from the American administration that they have to concede to that pressure to a certain degree. The dilemma for them is, if they concede to what the Americans want, that means a total collapse of the prices. There will be a slump in the oil market, and there it is damaging their economies. How much they can concede without damaging their economies? This is the problem.
[Sadler:] Consensus building is still going on here, and a decision, an agreement, is not being ruled out, though, by the end of the day. I'm Brent Sadler, CNN, reporting live from Vienna.
[Harris:] Thank you, Brent. Search CNN.com CNNSI.com CNNmoney.com The Web