The Organisation of Arab Petroleum Exporting Countries (Oapec) is calling for increased cooperation between oil-producing nations to stabilise the oil market.

“Cooperation between Opec members and non-Opec nations is becoming increasingly important,” says Oapec General Secretary Abbas al-Naqi. “We are seeing increased cooperation already, but there is still some way to go.”

Al-Naqi said the International Energy Forum (IEF) should be used more as a platform to resolve problems between oil-producing countries and consumer nations.

Currently, the IEF has 76 member states and accounts for more than 90 per cent of global oil and gas supply and demand.

“One key reason for the low oil prices is a glut in supply. On this issue, an increase in cooperation between producers will definitely help to stabilise the market,” says Al-Naqi.

He adds that the outlook for Arab oil producing nations is positive and says it is likely oil prices will rise over the year.

“Low prices are a temporary phenomenon,” he says. “It is difficult for the time being, but in a few months it will be improved, as long as nothing unexpected happens. I say this with the caveat that geopolitics can change everything.”

The Opec basket price declined from more than $100 a barrel in June to below $43 in January. On 9 February the price stood at $53 a barrel.