Algeria's Energy Minister, Salah Khebri (photo), on Wednesday announced that OPEC and non-OPEC members need to meet and deliberate on the reduction of oil production together, as U.S. crude reach its lowest since 2003 amidst oversupply.

Khebri revealed that talks are ongoing to see if there would be a special OPEC meeting to assess the current oil situation.

Oil prices have dropped below $28 per barrel after sanctions placed on Iran by the US and European Union were lifted. Iran is expected to add huge oil barrels into the oil market thereby adding to the supply glut and making the commodity cheaper.

According to Reuters, the benchmark dropped 29 cents at $28.64, while US crude CLc1 declined 48 cents at $28.94 per barrel.

OPEC’s Secretariat estimates showed that the price of OPEC basket of 13 crudes was at $23.58 a barrel on Monday, compared to the $24.74 the previous Friday.

Anita Fatunji