(Ecofin Agency) - The President of the Organization of Petroleum Exporting Countries (OPEC), Emmanuel Kachikwu, on Tuesday announced that the group will hold an urgent meeting, if the prices of crude does not recover by February 2016.

“It is expected that the upward trend in oil prices will be seen by February next year. If it does not happen, it is clear that OPEC will need to have a very urgent meeting”, OPEC’s president said.

According to RT News, poor OPEC states such as Algeria, Angola, Nigeria and Venezuela, have been requesting for production cuts so as to boost crude prices but the group in the last meeting held in Vienna on December 4, agreed to keep the current production level of approximately 31.5 million bpd in spite of oversupply on the global market.

As of Tuesday, Crude prices bounced back slightly in early trading, with Brent trading at $37.73, and WTI at $36.18 per barrel.

In November, OPEC produced 31.7 million bpd, the highest output in more than three years and 1.7 million bpd over its former output limit.