OPEC WOULD BE CONCERNED BY $120 OIL

Vienna, March 29- OPEC would be concerned by any rise in oil prices to $120 a barrel and would then consider whether it needed to hold an emergency meeting, an OPEC delegate said on Tuesday.

At present, however, all members of the Organization of the Petroleum Exporting Countries believe the oil market is well supplied despite the loss of Libyan crude and see no need for a meeting before its next scheduled gathering on June 8.

"Until $120 there is no reason to panic. If it goes beyond $120, I think we would be concerned, and there may be a need to have a meeting before June," said the delegate, who declined to be identified by name.

Earlier on Tuesday, the oil minister of Iraq called $120 "an acceptable price" that would not hinder global growth. Brent crude was trading just below $116 as of 1541 GMT.

For now, the 12 OPEC members are united in seeing no need to meet, said the delegate.

"There is a consensus among the member-countries there is enough oil," the delegate said. "For the moment, there no need to panic or for a meeting”.

While OPEC has not changed its formal output policy for more than two years, its members have been boosting actual supply for months in response to rising oil prices and demand.

Top world exporter Saudi Arabia has offered extra supplies to replace lost Libyan barrels and has raised its output to 9 million barrels per day (bpd), almost 1 million bpd more than its OPEC target.

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