According to the Bloomberg survey, 33 of 34 analysts and traders pointed out that the Organization of Petroleum Exporting Countries (OPEC) will stick with the strategy of favouring market share over oil prices at the next meeting in June 05. They expect that OPEC will maintain its daily production target of 30 million barrels.

Saudi Arabia said at the last meeting in November that cutting oil production to boost prices would not address the threat from shale and other higher-cost oil suppliers.

Oil prices climbed 46% since mid-January as oil producers lowered spending plans and the number of active U.S. drilling rigs declined.