11-12-07 The world's oil market is expected to be oversupplied by 1.2 mm-2 mm bpd by March and OPEC would evaluate the situation carefully before making any decision at its February meeting, an official said.
"Usually, global oil market in the first quarter is oversupplied. I think the world will be oversupplied as well by between 1.2 mm bpd and 2 mm bpd in March 2008," Indonesia's OPEC governor, Maizar Rahman, said.

Asked whether there was a possibility that OPEC might cut production at the February meeting, Maizar said: "We don't know yet. We have to evaluate the updated world's oil supply and demand before making a decision."