The Globe and Mail reports in its Friday edition that OPEC is bracing for a global oil glut that will last longer than many producers are expecting. The Globe's Shawn McCarthy and Jeff Lewis write that the prospect of a prolonged oil glut would force Canadian players to make deeper spending cuts and further delay projects. OPEC meets next week to mull whether to cut production or stand pat with its current strategy to maintain output and force high-cost producers out of the market with low prices. The strategy is showing signs of success as global oil companies have slashed capital budgets by up to 40 per cent. Saudi Arabia has signalled it is prepared to weather low prices in order to reclaim its traditional share of global markets. OPEC was being squeezed by rising production in the United States, Canada and elsewhere. Analysts said Thursday they do not expect OPEC to agree to production cuts at the June meeting. "It's fair to say OPEC won't be in any rush to cut output," says Energy Aspects analyst Amrita Sen. He says, "If they think the market is oversupplied, the worst thing they can do is cut output and raise prices prematurely, and then [non-OPEC] production continues to outperform."