World oil prices steadied on Tuesday amid uncertainty over whether OPEC will decide to hike its crude output or leave the cartel`s quotas unchanged at its meeting taking place in Vienna. New York`s main futures contract, light sweet crude for delivery in October gained two cents to 77.51 dollars per barrel. On Monday, it hit 78.47 dollars per barrel, within touching distance of its record high of 78.77 dollars on August 1. In London on Tuesday, the price of Brent North Sea crude for October delivery fell five cents to 75.43 dollars per barrel. It came as OPEC ministers were locked in tense negotiations about the cartel`s output, with signs that the group might still bend to the will of Saudi Arabia and increase production. Market "sentiment hinges upon whether the cartel will deliver a production boost ahead of the traditionally heavy winter demand" for heating fuel, Bank of Ireland analyst Paul Harris said Tuesday. A majority of ministers have rejected pressure from consuming nations for higher supplies, but the Saudi kingdom, the biggest producer in the 12-member Organisation of Petroleum Exporting Countries, may prevail with a campaign for an increase, analysts believe. A source close to the talks told AFP one option being considered was an increase in the cartel`s production target of 500,000 barrels per day, with Saudi Arabia contributing 350,000 bpd and 150,000 bpd from the other members. "We will discuss all options," said the Qatari Oil Minister Abdullah bin Hamad al-Attiyah on Tuesday. The 10 OPEC members that are bound by production limits have a target of 25.8 million barrels per day, but they are estimated to be producing almost a million barrels a day more than this. Any increase would therefore formalise unofficial production above the output limit, but analysts have said the gesture would help cool surging oil prices. High oil prices have become an added burden for the world economy in addition to financial market turbulence and a crisis in the US subprime housing market. Saudi Arabia is believed to be worried that high oil prices could drag on economic growth, which would reduce demand for oil in the long-term. The International Energy Agency, the energy watchdog for the world`s rich, oil-consuming countries, warned again on Monday about a shortage of supply in coming months.