TEHRAN: Iran's oil minister said on Sunday there would be no need for an emergency OPEC meeting even if the oil price hits $120 per barrel, the semi-official

Iran, which holds the rotating OPEC presidency, says oil is not over-priced at the current $100. "Considering the dollar deprecation, $100 oil is not a significant price for this strategic product," Massoud Mirkazemi was quoted as saying.

"Even with a $120 oil price there is no need for holding an emergency meeting."

While consumer countries are concerned about the effect on the oil price from upheaval in Egypt, hawkish producer countries such as Iran have said there is no need to increase output to calm the market.

Iran's OPEC Governor Mohammad Ali Khatibi said on Friday OPEC could raise its output quota if the Suez Canal was closed due to the unrest there.

Fellow OPEC member Venezuela, which like Iran is usually hawkish on the oil price, said in the event of any closure of Suez the oil price could hit $200.