OPEC considering if it needs to meet: Qatar minister

OPEC is assessing the oil market to determine whether it should hold an extraordinary meeting, Qatar's Energy Minister said on Monday, but added there was no shortage of supply in the market.

"OPEC is evaluating whether they need to meet or not," Mohammed Saleh al-Sada told reporters at a conference. "There is no need for nervousness ... (Oil) supply and stocks are at comfortable levels."

Oil prices have rallied to 2-1/2 year highs over concern about supply disruption from Libya, where revolt against its long-serving leader Muammar Gaddafi has cut output sharply in the OPEC country.

Most estimates suggest around half of the country's 1.6 million barrels per day (bpd) of oil capacity is out of action while International Energy Agency (IEA) said on Friday around 1 million bpd of oil supply is lost due to Libya.

Sada said OPEC was actively monitoring the oil market to determine whether members should meet before the group's regular ministerial meeting scheduled for June in Vienna.

In response to Libya's shut-in production, Saudi Arabia, the world's largest crude exporter, has raised its own production to around 9 million bpd, industry sources told Reuters last week.

The kingdom, which holds most of the world's spare capacity -- or oil that can be swiftly added to the market -- promised that it would meet any supply gap from Libya.

"I can't speak for the Saudis but a number of countries are happy to check the market if there is any shortage," Sada said, without naming any specific countries.

On Monday, US crude rose USD 2.00 a barrel to above USD 106, and traders took note of rising tension in Saudi Arabia. Clerics there reiterated on Sunday that all protesting is banned, as the kingdom seeks to keep the wave of Arab unrest outside its borders.