OPEC freezing production is coming and oil prices rose by 4%

The first day of the two-day OPEC technology conference has ended. Although the specific details have not been finalized, the experts have made some progress in the meeting, some of them hold optimism on the prospects for the final freezing production. Cloth oil, the United States oil have rose by over 4%.

The meeting will start at Beijing time 17:00 on November 22^nd the next day.

A representative told the media that the parties have made some progress. Another representative said that the OPEC countries will reach a final agreement on freezing production on November 30th.

According to the media, Iran still holds a certain reservation of frozen production, but the parties are still in discussions, who have confidence in reaching a final agreement in November 30th. Mohamed Oun, Libya's ambassador, said to OPEC, "we are discussing. There have been no different opinions."

Russian President Vladimir Putin said when attending the APEC summit on 20th, that there are no obstacles for OPEC to reach an agreement on the Vienna summit at the end of November. Although it cannot be one hundred percent sure, the possibility of reaching a agreement is high. And Russia is ready to freeze production at the current level.

Iran's oil minister Zanganeh has made a statement, that the Vienna meeting is likely to reach an agreement and he was optimistic about the future development.

On Friday (November 18th), as it noted, OPEC members propose to limit Iran oil production at about 3 million 920 thousand barrels / day (the yield level of what is said in the OPEC monthly report of October). With the approaching of the reaching limit production agreement in November, most of the members are preparing to provide greater flexibility in the yield level for Iran.

In October this year, OPEC parties failed to reach a final agreement on freezing production. At that time, Iran expressed the hope to be frozen after recovering its production to the level before the sanctions.

The meeting of the committee will not directly determine the crude oil policy, but will provide advice to crude oil ministers who participate in the ministerial level meeting of the OPEC countries in November 30th.