No call for emergency OPEC meeting: Khatibi

January 31, 2011 - 0:0

DAVOS, Switzerland (Reuters) - Iran's OPEC governor said on Saturday that there was no call for the group to hold an extraordinary meeting despite oil prices hitting a 28-month peak closing on $100 a barrel after unrest in Egypt.

""As far as I know there has been no call for any extraordinary meeting for the time being,"" Mohammad-Ali Khatibi told Reuters in a telephone interview.
Holding OPEC's presidency this year, Iran's oil minister would be required to call for an extraordinary meeting before the planned June date if needed.
Brent oil prices hit a 28-month peak on Friday, nearing $100 a barrel while U.S. crude surged more than 4 percent as anti-government protests in Egypt -- which is not an OPEC member -- rattled markets.
A number of OPEC members have indicated that the market is still well supplied, with latest comments from the UAE's oil minister Mohamed al-Hamli this week who expressed no concern about current supply levels.
OPEC Secretary-General Abdullah al-Badri also said the market was ""well supplied"".
Saudi Arabia's oil minister Ali al-Naimi had indicated that demand was growing and if there was a need for extra supply OPEC had enough spare capacity to pump more into the market.
Naimi's comments came after the International Energy Agency (IEA) issued a report this month claiming that the world's largest crude exporter was producing above its OPEC quota.