OPEC Refuses to Yield in Battle for Oil-Market Share - Bloomberg Business

OPEC Refuses to Yield in Battle for Oil-Market Share - Bloomberg Business:



"OPEC will stick with the strategy of favoring market share over prices when it meets next month because rival producers are already starting to buckle.



All but one of the 34 analysts and traders surveyed by Bloomberg said the Organization of Petroleum Exporting Countries will maintain its daily production target of 30 million barrels when it meets in Vienna on June 5.



Saudi Arabia, the biggest of OPEC’s 12 members, shaped the strategy at the last meeting in November, arguing that the usual response of cutting output to boost prices would not address the threat from shale and other higher-cost suppliers. Prices rose 46 percent since mid-January as producers cut spending plans and the number of active U.S. drilling rigs fell by the most ever."



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