"There is currently a balance between supply and demand," Guitouni said, according to state news agency APS.

A Joint Ministerial Monitoring Committee meeting is due to take place in Algiers on Sept. 23. The committee includes OPEC members Algeria, Saudi Arabia, Kuwait, Venezuela and non-OPEC producers Russia and Oman.

"I think the points of view will be very close and we will come out of this meeting with unified decisions," Guitouni said.