Algeria’s oil minister, Youcef Yousfi, has said that the group could hold an emergency meeting before the next scheduled summit in June.

Oil has dropped by more than a third in 2014 as US hydrocarbon production has increased due to the shale gas boom and amid concerns about slowing demand in China.

“We will continue our efforts through dialogue with Opec and non-Opec producers to remove a surplus estimated at 2 million barrels a day,” Yousfi said on state television. “We may hold an emergency meeting before June.”

Algeria relies heavily on oil revenues and will need an average price of $111.5 a barrel for its budget to break even in 2015, according to the IMF.

The Algerian government has not yet discussed spending cuts related to the drop in oil prices according to Yousfi.