Trump renews attack on OPEC ahead of group's production meeting

Iran, Venezuela supply gap to dominate OPEC meet: IEA

Trump pushes the case for lower oil prices a week before the cartel meets to set production policy.

"Oil prices are too high, OPEC is at it again. Not good!" the president said.

OPEC is the Organization of Petroleum Exporting Countries. OPEC reported in its monthly oil market report Tuesday, that Saudi Arabia has already increased production.

"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the USA and other oil-consuming nations.

US consumption of gasoline in the United States rose to an historic high of 9.88 million bpd last week, according to the EIA.

OPEC's de-facto leader Saudi Arabia and Russian Federation will also have the chance to talk before the Vienna meeting. Russia, the leading country outside OPEC that's part of the current agreement, is also pushing for higher production.

Meanwhile, output from Venezuela - a major oil exporter to the USA - has plunged as the country goes through a political and economic crisis. He also chronicled Maryland government for more than a decade. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

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Trump's tweet comes ahead of a key OPEC meeting with Russian Federation on June 22 to discuss raising production for the first time since 2016, when they began cutting production by a 1.8 million barrels per day. This trend is expected to continue, as additional pipeline capacity will be coming on line in the second half of the year.

"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May.

The Paris-based agency last month cut its forecast for global oil demand growth for this year as oil prices approached $80 a barrel. "Not good!" Trump wrote in a post on Twitter on Wednesday after last raising the issue in April.

This time the U.S. President used fewer words to reiterate his position that "OPEC is at it again". With record amounts of Oil all over the place, including the fully loaded ships at sea.

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.

Even if the supply gap, triggered by the return of U.S. sanctions on Iran and a major political crisis in Venezuela, is plugged, the oil market will likely remain vulnerable to disruption next year, the IEA warned. "Maybe they are actually way too low". Adding to their $500bil of losses since 2007.so if all production growth is unprofitable what makes oil prices high??

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