The Algerian news agency quoted OPEC President Chakib Khelil as saying that the next meeting of the Organization will examine the actions to achieve balance in the global oil market over the next six months increased to avoid excessive supply amid the deteriorating global financial.

Khalil, Minister of Energy and Mines in Algeria, quoted saying that the future demand for oil in China and the Middle East, largely unknown and that it is necessary for OPEC to balance supply and demand if there are abundance of excess supply in the market.

Khalil said that the current oil price reflects a real balance between supply and demand after the departure of speculators from the market.