The OPEC cartel is calling for tougher regulations to reduce the impact of speculative investment in the oil market, which it blames for the huge volatility in crude prices.
Oil peaked at a record high above $US147 in July but has since plunged back below $US80 a barrel as the financial crisis rocking markets slows economic growth and, as a result, the demand for energy.
As oil prices soared in the first half of this year, OPEC agreed to increase output in order to ease the pain.
Some OPEC members, most recently Libya, have called on the group to cut output to support prices.
