Trump eyes oil prices: ‘OPEC is at it again’

Trump eyes oil prices: ‘OPEC is at it again’

Trump eyes oil prices: ‘OPEC is at it again’

U.S. President Donald Trump on Wednesday renewed his attack on OPEC and again criticized the coalition of petroleum producing countries for rising oil prices.

The 14 oil-producing nations in OPEC - Saudi Arabia, Iran, Iraq, Kuwait and Venezuela among them - produce about 40 percent of the world's oil, but about 60 percent of the oil traded on worldwide markets.

In April, Trump also blasted OPEC on Twitter, accusing the group of "artificially" raising oil prices.

India has discussed with China the possibility of forming an "oil buyers club" that can negotiate better terms with oil sellers and get more United States crude to Asia to cut the dominance of oil producers' cartel Opec.

USA crude output has risen by nearly 30 per cent in the last two years, and it is now close to top global producer Russian Federation, which produced 11.1 million bpd overall in the first two weeks of June.

The OPEC Basket price per barrel of crude oil is $74.11.

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.

Trump sent out his tweet hours after returning to Washington from a summit with North Korean leader Kim Jong Un in Singapore and it was not immediately clear what prompted his comment. OPEC's actions, whether to cut or increase production, often heavily influence the price of oil, and by extension the prices consumers and businesses pay for fuel.

Brent crude futures, the global benchmark for oil prices, were at $75.65 a barrel at 3.29am GMT, down 23c or 0.3% from their last close.

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U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $65.99 a barrel, down 37 cents, or 0.6 percent, from their last settlement.

The two sides kicked off formal talks in Beijing on Monday for forming an oil buyers' club, a development that is likely to weigh on Opec ministers, who are meeting to discuss an end to production cuts later this month.

Both nations have proposed plans for the so-called OPEC+ group to add as much as one million barrels a day, about 1 per cent of global output, although Riyadh prefers a smaller increase, according to people familiar with the matter.

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

The IEA meanwhile revised upwards its estimate for 2018 non-OPEC growth to 2 mb/d, and to 1.7 mb/d in 2019.

Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration.

And a fifth OPEC source said that if OPEC decided next week to raise output it would not be with "immediate effect" and would be gradual, suggesting supply would not rise for three to four months after a June decision.

The IEA report comes a day after OPEC warned of "considerable uncertainty as to world oil demand".

The US has reportedly asked Saudi Arabia and others to relax output restraints put in place in early 2017 as prices near US$80 a barrel pose a threat to economic growth.

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