Monday, 10 January 2011 at 14:08, Reuters, Tehran
Iran's oil minister said on Monday he was comfortable with the rising oil price and there was no need for any emergency Opec meeting, student news agency ISNA reported.
Holder of the rotating Opec presidency, Iran would be happy if the oil price continues to rise, he said.
"We won't be concerned, if the crude price goes up to $100 or even beyond that," Massoud Mirkazemi was quoted as saying by ISNA, adding that "the real oil price is around $11 if compared to 1970 levels."
Secretary General Abdullah Al Badri said at the last Opec meeting in Quito in December that the group was "always ready to meet when there is an imbalance in the market," but he said at the time there was no shortage of oil in the market.
One Gulf Opec delegate at the meeting said oil prices above $90 a barrel would be the main criterion for triggering an emergency meeting.
US crude rose some 15 per cent during 2010, starting the year at just under $80 and closing at over $91. It has fluctuated below that level in the first days of 2011 and was trading at $88.80 at 0945 GMT on Monday.
The group scheduled its next meeting for June 2 to discuss production policy. Opec's reference crude oil basket price fell to $90.81 a barrel on Friday, down from $92.04 the previous day, Opec said on Monday.
Analysts have said oil could continue its rally on strong global demand and falling inventories in 2011, which promises to be a strong year for risk assets as confidence about the global economic recovery picks up.
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