I always thought oil was too important a commodity to be left to market fluctuations and uncertainty. I thought that major consuming nations and major exporters should strike a deal that oil would be stay within a given range, which I'd probably peg it at between $30-$50 per barrel. Let market forces move it up and down within those parameters. That way you don't have shocks where the price hits over $100 a barrel and airlines and manufacturers and drivers don't get walloped; while you avoid valleys such as $20 where oil producers cannot meet their budgets. Such price stability would be beneficial to both buyers and sellers, as well as oil&gas companies.
Every 5 or 10 years you can hold some meetings to determine if the range should be adjusted. With some limit that it can only be adjusted $10 per decade (or somesuch).