OPEC: 'Acceptable' for oil price to spike to $120

10:40, January 17, 2011      

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OPEC's leading oil price hawk Iran joined Venezuela and Libya Sunday to say it saw no need for the cartel to consider raising crude supplies to rein in crude prices now near $100 a barrel.

Iranian Oil Minister Massoud Mirkazemi said some members of the Organization of the Petroleum Exporting Countries saw no need for producers to act even if prices went to $120 a barrel.

The comments will be of concern for consumer countries worried that rising commodity costs are igniting inflation and jeopardizing economic recovery.

"None of the OPEC members find $100 concerning or irrational. Some of the OPEC members see no need for an emergency meeting even with prices at $110 or $120," Mirkazemi, OPEC president for 2011,told reporters.

As holder of the rotating OPEC presidency, Iran has responsibility for coordinating any emergency meeting with OPEC's Vienna based secretariat. The next scheduled meeting is not until June 2.

Benchmark Brent crude broke $99 a barrel on Friday, a 27-month high.

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