Chakib Khelil, chair of the Organization of Petroleum Exporting Countries (OPEC), expects world oil demand to drop some 1.2 million bpd during the second half this year.

Khelil said such a decline is to result in a slight fall in oil prices worldwide.

"Oil prices are to remain stable, despite this fall, at some USD 80-110 per barrel," said the Energy Minister, who ruled out the possibility to hold an OPEC meeting before September this year in order to decide on a production cut.

He added that the OPEC is under "big pressure" from consuming countries that are holding the organization responsible for the high crude oil prices, but actually the market is responding to US economic problems and a weaker dollar.

"Prices will continue to be high, and prices for the rest of the year will be between USD 80 and USD 110," he said.