Oil pumps are seen in Lake Maracaibo, in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela, March 20, 2015.REUTERS/Isaac Urrutia
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OPEC members gathering in Vienna June 2 are expected to go along with a Saudi Arabia-led policy focused on squeezing out rivals amid signs the strategy is working.By allowing prices to fall, high-cost producers are being forced out, easing the supply glut and spurring a rally of 80 percent since January to about $50 a barrel. All but one of 27 analysts surveyed by Bloomberg said the Organization of Petroleum Exporting Countries will stick with the strategy. The respective shares of OPEC supply are based on April levels.Indonesia rejoined OPEC at the Dec. 4 meeting, seven years after suspending its membership.Exports are already at 2 million barrels a day, just short of presanctions levels, the IEA said in a recent monthly oil market report.Production has jumped more than 40 percent since mid-2014 and exports are at near-record levels.Venezuela is one of the so-called Fragile Five OPEC members most at risk from significant instability amid the turmoil in prices, according to RBC Capital Markets.
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