The Secretary-General of OPEC Mohammed Barkindo has told CNBC that co-operation between oil producing countries is working and a new supply cap should be agreed in November.
The secretary-general, speaking on the sidelines of the Russian Energy week in Moscow, claimed there was a new spirit of cooperation among oil producers.
"Together with the Russian Federation and other countries I can assure you that we are in the process of writing a completely new chapter in the history of oil," Barkindo said.
He added that he hoped to see a broad consensus reached before representatives of oil nations meet in Vienna next month.
"We would like to carry everyone on board on our way to Vienna on November 30 where we will take a collective decision," he said.
"It will be a historic decision because it is on the anniversary of the first declaration of cooperation."
On whether there would be any new compliance structure to punish countries who exceed oil caps, Barkindo said the current process was effective.
"What I cannot rule out is the continuation of what is working. We started this mechanism in January and every month we continuously review the structure, the mechanism, the level of implementation and we have been in active consultation, not only within the GCC ( the Gulf Cooperation Council) but all other participating countries," he said.
"They are satisfied, we are all satisfied that the structure, as well as the mechanism, is working. So I cannot rule out the current mechanism," he said.
Upon being pressed on the matter, the OPEC leader admitted that he could not completely rule out any change to compliance rules.
"This is a world of uncertainty. A world that is ruled by uncertainty and you have had President (Vladimir) Putin himself who has referred to that."
"But at the moment what you can see is that there is no need to change what is working," he added.