The Organization of Petroleum Exporting Countries (OPEC) expects to find a solution with non-OPEC members and oil companies to jointly stabilise oil prices at their meeting next month, OPEC president Mr Purnomo Yusgiantoro said.
He told reporters the meeting will also discuss the possibility of raising production quotas though members would need to assess how much spare capacity was available.
"We will bring together non-OPEC members and oil companies, as we would like to see from their side about what can be done together to stabilize oil prices," Mr Yusgiantoro said.
"First, we will inventory how much spare capacity each of OPEC's members have, then we will discuss the possibility of raising the production quota," he said.
He said OPEC's meeting will start on Tuesday, September 14th, with a gathering of the ministerial monitoring committee, which monitors oil price movements and provides policy recommendations.
This will be followed by OPEC's conference on Wednesday and a meeting with non-OPEC members on Thursday and Friday, Mr Yusgiantoro said.
Referring to the OPEC meeting he said: "First, we will inventory how much spare capacity each of OPEC's members have, then we will discuss the possibility of raising the production quota."
OPEC's current oil production quota stands at 26 million barrel per day. But actual production is 2 million bpd above the quota. Combined with Iraq's 2 million bpd oil output, OPEC is pumping a total of 30 million bpd into the market, Mr Yusgiantoro said.
"After this, we still want to see whether we have some spare capacity left," he said.
OPEC has been under pressure to boost its output as oil prices rose on concerns that oil supply may not be able to meet surging global demand. Oil prices have recently come down from record high levels with crude futures to under $44 per barrel for the first time in over two weeks during yesterday's trade.