‘Speculative’ oil pricing hurting economy?

I know sometimes it seems to me that the oil prices are pretty random, but I came across an article in which the author points out that the Indian government feels the same way (not really that they are random, but that the prices are not controlled by supply and demand.) The Minister of Finance believes that India has lost a percentage point of its annual GDP growth to fluctuation in oil prices that are due to speculation, not changes in supply and demand. He suggested that oil producing and oil consuming countries agree on a range of oil prices in order to stabilize the market. Do you think that this is an attempt to temper the effects of a global market? Would this sort of agreement (assuming one could ever be reached) be helpful, or is it an attempt to find a simple solution to a complex problem?