Algeria’s minister on energy and mining says the Organization of Petroleum Exporting Countries (OPEC) will hold a special meeting if international oil prices remain on a downward track.

Algerian Energy Minister Youcef Yousfi told reporters that the OPEC member countries agreed in a previous meeting in mid-June to hold a special meeting and discuss measures to keep the supply and demand for oil in balance if oil prices reach a critical level.

Iran’s state-run Shana news agency also reported that Iran’s Minister of Petroleum Rostam Ghasemi proposed to hold an emergency OPEC meeting to discuss the overproduction of oil by member countries.

OPEC oil prices dropped 20 percent in the second quarter of this year, the largest loss since the fourth quarter of 2008 immediately after the world fell victim to the financial crisis.