Iran's OPEC Governor Mohammad Ali Khatibi says there is no need for an extraordinary meeting despite the hike in global oil prices.

"As far as I know there has been no call for any extraordinary meeting for the time being," Khatibi said in a telephone interview with Reuters on Saturday.

Holding OPEC's rotating presidency this year, the Iranian Oil Ministry would be required to call for an extraordinary meeting before the planned June date if needed.

The official also said the global oil prices are stable, and there is a balance between supply and demand in the market.

Earlier in December, Khatibi said the price of crude oil is undervalued, noting that global markets are close to a crisis of uncertain oil supply.

Iran holds around 10 percent of world oil reserves. In 2009, Iran's revenue from oil exports reached $69.1 billion and it exported approximately 3.8 million barrels per day.

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

Brent oil prices hit a 28-month peak on Friday, getting closer to $100 a barrel while US crude surged more than four percent as protests in Egypt — which is not an OPEC member — rattled markets.