The United States is not a member of OPEC and US anti-trust legislation prohibits any collective action to influence prices - precisely what OPEC has been doing for the past decades.

He said the meeting could take place later this year or early in the next one.

"Both groups - independents and hedge funds - have become increasingly important in the energy markets," Mohammed Barkindo told Reuters.

"What we are trying to do is to reach out to these companies who also operate in these markets, who also feel the pinch of volatility from time to time and the downturn," said Barkindo who held the first meeting in Houston earlier this year.

"We cannot continue to live and operate in isolation. The world of energy is undergoing a massive structural transformation, energy transition is real."