The oil market is at a critical junture as investors awaits the outcome of the OPEC meeting. Will there eventually be a production freeze?

Oil producer Iraq had opposed the production freeze but it recently had a change of mind. The country announced that it would support the freeze at the September OPEC meeting. It's officials said recent plunges in oil prices had hurt the country's fiscal revenue.

Saudi Arabia and Russia announced this Monday that they agreed to cooperate in the oil market. They will limit production but said that the action would not be immediate. This announcement had lifted prices this week.

The biggest oppositions to the production freeze come from Iran and Libya. The two war torn nations under international sanctions desperately needed to expand oil sale for fiscal support. However, Iran has been showing signs of budging. It announced Tuesday that it is prepared to work with Saudi Arabia and Russia to lift oil prices. Analysts say it is not sure, however, to what extent that Iran is prepared to cut production.