Diezani Alison-Madueke REUTERS/Rick Wilking The president of OPEC, Diezani Alison-Madueke, proposed international cooperation in setting oil prices, according to Izabella Kaminska of the FT.

According to Kaminska, in a sit down with the FT, the OPEC president and Nigerian oil minister proposed what Kaminska calls a "Bretton Woods-style framework on energy prices" as the United States becomes a major producer threatening the hegemony of the cartel.

"We need to formalise the discussions so we reach some agreements to keep supply at certain levels to ensure stabilisation. I think going forward we do have to sit round the table with people like Russia and the United States," said Alison-Madueke, according to Kaminska.

This was the same meeting with the FT where Alison-Madueke floated the idea of an OPEC emergency meeting sometime soon over the falling price of oil (later refuted by another OPEC member).