March 7, 2011 / 12:57 PM / in 7 years

OPEC ministers talking informally, see no need to meet

LONDON, March 7 (Reuters) - OPEC ministers are holding informal consultations about oil prices and the Libyan crisis, but the group is not planning to hold an emergency meeting, an OPEC delegate said on Monday.

The Organization of the Petroleum Exporting Countries normally holds two ordinary meetings a year and has maintained that oil supplies are adequate. The next ordinary OPEC meeting is in June.

“There is communication between the ministers, but nothing on an extraordinary meeting,” said the delegate. There was no suggestion that the talks would result in OPEC taking any action, the delegate said.

Any extraordinary OPEC meeting is usually arranged by the country holding the organisation’s rotating presidency after consultations with the 12 members. Iran is the OPEC president in 2011.

Once the OPEC ministers and president had decided to hold a meeting, OPEC’s secretariat in Vienna would arrange it.

(Editing by Jason Neely)

Reporting by Alex Lawler, London energy desk, +44 207 542 4087

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