Trump accuses OPEC of raising oil prices

Trump bashes OPEC for 'high' oil prices

Donald Trump reignites Opec spat over 'too high' oil prices

US President Donald Trump said on Wednesday that oil prices were too high and blamed OPEC for the surge.

He renewed his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month.

In its first detailed forecast for 2019, the IEA said Venezuelan and Iranian oil production will fall by a combined 1.5 million barrels per day by the end of next year; however, extra oil output from OPEC and non-OPEC countries such as Saudi Arabia and Russian Federation could compensate for the lost supply.

OPEC reported in its monthly oil market report Tuesday, that Saudi Arabia has already increased production.

Benchmark Brent crude was down 30 cents at $75.58 a barrel by 09:10 GMT.

US ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies.

Nigeria's production plunged 150,000 b/d in the month to 1.73 million b/d, a one-year low, according to the survey by Platts.

As a follow-up of oil minister Dharmendra Pradhan's idea floated at the International Energy Forum (IEF) meeting here in April, Indian Oil chairman Sanjiv Singh travelled to Beijing this month to meet Wang Yilin, chairman of China National Petroleum Corp (CNPC), a top source said.

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The OPEC warned in the report that a high degree of uncertainty was hanging over the global oil market this year. Its defiance follows similar resistance from Iran and Venezuela, meaning three of the five countries that founded Opec now oppose the Saudi plan.

This implies that US crude output, which is already at a record-high of 10.8 million barrels per day (bpd), will also rise further, according to energy services firm Baker Hughes.

"More oil from Opec+ is the base case", said Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB.

Trump's tweet - similar to one he wrote in April, blaming OPEC for "artificially Very High" oil prices - came a week before a much-anticipated OPEC meeting in Vienna and may have been created to influence the discussion. The country pumped 11.09 million barrels a day in the first week of June, according to a person with knowledge of the matter, exceeding its agreed limit of 10.95 million.

But the president has not mentioned the tax increase idea in months as gas prices have steadily risen because of higher oil prices on the world market, eating into higher take-home pay that millions of American workers gained when Congress late past year passed tax-cut legislation supported by Trump.

"Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world". U.S. light crude was 40 cents lower at $65.96.

OPEC and its Russia-led non-OPEC allies are up for a very heated meeting next week, but it looks like the leaders of the two groups-Saudi Arabia and Russia-believe that they will persuade dissenters to agree to some sort of a production boost.

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