'No need for OPEC emergency meeting'

“With the equal supply of and demand for oil in the market, there is no need for an emergency OPEC meeting,” Khatibi said, the official website of Iran's Oil Ministry, Shana, reported on Tuesday.

The oil ministers of the Petroleum Exporting Countries (OPEC) member states hold regular meetings, and an emergency meeting would be held whenever there is a need for an evaluation of the market and new decisions, Khatibi said, adding that there is no agreement on holding such a meeting right now.

He made the remarks after the EU-OPEC Energy Dialogue meeting at the OPEC's headquarters in Vienna on Monday.

OPEC is ready to supply any amount of oil in case of increased demand, the Iranian official said.

After OPEC members did not reach a consensus to raise crude production during their 150th meeting on June 8 in Vienna, the organization decided to maintain output levels, with the option of meeting within the next three months for a possible production hike.

The next meeting of OPEC members will be held in Vienna in December 2011.

Iran officially took over the rotating presidency of OPEC for the first time in 36 years in January 2011.

OPEC is a permanent intergovernmental organization of 12 oil-exporting nations including Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.