The oil market is currently balancing, despite the recent decline in world prices, said Mohammad bin Saleh al-Sada, Minister of Energy of Qatar and President of the Organization of Petroleum Exporting Countries (OPEC), according to Reuters.

“The recent decline in oil prices and the volatility in the market are only temporary. OPEC continues to monitor the developments and constantly we have discussions among all members of the cartel concerning the methods and means to help restore the oil market,” said Mohammad bin Saleh al-Sada, quoted by Agerpres.

In 2016, Qatar holds the OPEC presidency.

An informal meeting of OPEC Member States would be held 26 to 28 September in Algeria, where will take place the International Energy Forum, which brings together producers and consumers, says the Organization of Petroleum Exporting Countries.

Sada expects “a higher demand for crude oil in the third and fourth quarters of 2016, which could lead to price increase in the last part of this year.”

Some OPEC officials have said that at the meeting in Algeria could be discussed a freeze in global oil production if the price will drop.

Iran, OPEC member state, opposes the freezing of the production because it wants to increase production at the level recorded before the imposition of Western sanctions.