OPEC Secretary-General to Meet Iran’s Zangeneh in Tehran

Reviewing the latest oil market conditions and the organization’s freeze plan will be discussed during the meeting. 

Members of the Organization of the Petroleum Exporting Countries will meet on November 30 to discuss a proposed production freeze plan in Vienna. OPEC members agreed on the outline of a freeze plan on the sidelines of the International Energy Forum (IEF), which grouped producers and consumers, in Algeria on Sept. 26-28. 

The freeze plan is expected to seek to revive a global deal to stabilize oil output levels.

Oil prices settled higher on Friday, closing out a strong week that saw crude buoyed by growing expectations that OPEC will find a way to cap production at the end of the month, Reuters reported.

Brent notched a daily rise of 37 cents, or 0.8 percent, to $46.86 per barrel. Brent also had its first weekly increase in five weeks.

U.S. West Texas Intermediate crude was up 27 cents, or 0.6 percent, for the day, at $45.69 a barrel. It posted its first weekly increase in four.

Attempts by OPEC and non-OPEC oil exporters to reach a pact on freezing output earlier this year failed.