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How to Unset a Master Password
In "Ctrl + F12 -> advanced -> security", you can set a master password. But, in Opera's UI, there's no way to clear the Master Password. You can only set it to a different password (which can't be empty).To work around this, you have to close down Opera and delete opcert6.dat in the preferences folder. That will clear the master password.
But, you must be careful. If you have "use master password to protect saved passwords" set, you must uncheck it (but you must know the password to do so) and ok out of preferences first so that wand.dat is decrypted. If you delete opcert6.dat without doing that, Opera will no longer be able to access wand.dat and you'll lose access to all your saved passwords. You'll then have to delete wand.dat and re-enter all your usernames and passwords.
<http://my.opera.com/Tamil/blog/how-to-reset-master-password-in-opera> is another explanation of doing this.