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."