U.S. Secretary of State Condoleezza Rice is leading the meeting with her counterparts from the four other permanent United Nations Security Council members - Britain, France, Russia and China - along with Germany.
European Union foreign policy chief Javier Solana is also attending the meeting.
The United States, France and Britain favor imposing new sanctions on Iran for its refusal to suspend sensitive nuclear activities, as demanded by the Security Council.
But Russia and China say Tehran should be given more time to cooperate with the International Atomic Energy Agency to clear up questions about its nuclear program.
Russian Foreign Minister Sergei Lavrov said Thursday that Moscow wants to review a new IAEA report on Iran that is due before the end of the year.
The United States and its allies accuse Tehran of trying to build atomic weapons under the cover of a civilian nuclear program. Iran denies the charge.
Iranian President Mahmoud Ahmadinejad told the U.N. General Assembly this week that Iran's nuclear program is peaceful and transparent. - VOA News