"Crude Oil Falls as OPEC Seen Favoring Market Share Over Prices"

"Oil fell for the first time in three days as OPEC is seen sticking with its strategy of favoring market share over prices at a meeting this week.

The Organization of Petroleum Exporting Countries will probably maintain its collective quota at 30 million barrels when ministers gather June 5 in Vienna, a Bloomberg survey showed. Saudi Arabia pumped 10.25 million barrels a day last month, unchanged from April and matching the highest level in data compiled by Bloomberg since 1989. Oil extended losses as the dollar advanced against the euro.

Oil’s recovery from a six-year low is stalling amid speculation a global glut will persist. OPEC exceeded its collective target for a 12th consecutive month in May. Given the group is pumping more than 31 million barrels a day, there’s a risk that its quota may be increased, Morgan Stanley analysts including Adam Longson wrote in a note Monday."

Mark Shenk reports for Bloomberg May 31, 2015.  

SEE ALSO:

"Prices Are Down, but Saudis Keep Oil Flowing" (New York Times)

"Saudi Oil Minister Says OPEC Strategy Working" (AFP)

"Russia, Non-OPEC Producers Met with OPEC Last Month" (Wall Street Journal)

"Oil Up Ahead Of OPEC Meeting as Dollar Slips" (Reuters)