Oil ministers of the regional organization's member countries convened in Cairo on Saturday to deal with a plunge in prices caused by falling crude demand amid the global economic meltdown.
"A set of measures will be drawn up to deal with the negative consequences of the global financial crisis in the oil, gas and petrochemical sectors," Egypt's Petroleum Ministry said.
The proposals will be submitted for approval by the Arab League's first economic summit in Kuwait in January 2009.
Crude prices dropped from $147 per barrel to lower than $50 over a few months, which forced the Organization of Petroleum Exporting Countries to meet in Vienna on October 24 and announce a 1.5 million-barrel cut in daily crude production.
The cartel is expected to announce a further cut at a meeting in Algeria on December 17.
Qatar's oil minister, Abdullah Bin Hamad al-Attiya, said before the OAPEC meeting on Saturday: "We believe $70 a barrel is an acceptable price, which would encourage investment in the sector."
He said that if the price falls below $70, investment would freeze, which would cause a crisis in supply in the future.
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