OPEC Production Cut In March To Send ”Bad Signals”- Official

DUBAI -(Dow Jones)- An output cut by the Organization of Petroleum Exporting Countries during its March meeting would send “bad signals” to the market and add further pressure on already soaring oil prices, a group official said Sunday.

“Fundamentals do warrant a cut, but we are afraid that if such a step is taken then it would send bad signals to the markets and lead to even higher prices,” the Persian Gulf OPEC official told Dow Jones Newswires.


OPEC is expected to meet on March 5 in Vienna at a time when oil prices are hovering around the $100 a barrel mark – despite higher stock levels in the U.S., an approaching lower-demand second quarter and a fear of a U.S. economic slowdown.