The next OPEC meeting is on June 5; 29 of 30 analysts polled by Bloomberg expect no change in the Saudi-led pump and dump strategy
- The Organization of Petroleum Exporting Countries will stick with the strategy of favoring market share over prices
- All but one of the 34 analysts and traders surveyed by Bloomberg said OPEC will maintain its daily production target of 30 million barrels when it meets in Vienna on June 5
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
"Dramatic cuts in spending and drilling are finally having an impact, so why on earth would Saudi Arabia change course now their strategy is just starting to bear fruit," Mike Wittner, head of oil research at Societe Generale SA, said by phone from New York on May 19. "Anyone who expects anything to happen at this meeting is going to be sorely disappointed."
