Donald Trump accuses OPEC of driving up oil prices

Donald Trump accuses OPEC of driving up oil prices

Trump's latest tweet comes ahead of a gathering of OPEC members on June 22.

OPEC, a group of 14 oil-producing nations, is expected to meet again later this month.

This could lead to a supply gap in crude late next year if OPEC can't make up for lost production, the IEA said in its monthly report Wednesday.

Rising oil output by the world's third biggest producer, the U.S., is also affecting prices.

"The United States shows by far the biggest gain (about 75 percent of the total across 2018 and 2019), but recently this expansion has not been without stress", the report said, referring to a gap in recent weeks between the U.S. and European oil futures contracts.

USA ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies. US estimated gasoline demand hit a record high of 9.88 million bpd in the week, the data said. Using drilling advances such as fracking, operators in Texas and North Dakota have pushed US production higher.

Domestic production rose to 10.9 million barrels per day up from 10.8 million bpd in the week prior, EIA said.

'Catastrophic' risk of death for 300,000 Yemeni children trapped by attack
Around two-thirds of the country's population of 27 million relies on aid and 8.4 million are already at risk of starving. But it could set off a prolonged street-by-street battle that inflicts heavy casualties.

But the Paris-based IEA, echoing statements from oil producers as well as analyst comment in recent weeks, said there may be a change to the so-called Vienna agreement. Key producers, including Saudi Arabia and Russian Federation, have reaffirmed the deal since then.

Russian Federation plans to propose to the OPEC/NOPEC allies next week that they reverse the group's production to the October 2016 levels-the baseline for the cuts of most pact participants when they had pumped as much oil as they could to blunt the cuts' impact later. "We agreed to promote (business-to-business) cooperation... and we are hopeful that in future buyers will be able to dictate prices", oil minister Dharmendra Pradhan said after meeting China National Petroleum Corporation chairman Wang Yilin and Li Fanrong, deputy administrator of China's National Energy Administration, on the sidelines of the 16th International Energy Forum ministerial round in April.

OPEC is under scrutiny in Congress, too. The measure now goes to the full House.

In the United States, rising gasoline prices have threatened to blunt other economic headwinds.

"Oil prices have come up a lot, but we're not near $4 gasoline", Bordoff said.

Oil pumpjacks are seen in Lagunillas, Venezuela May 24, 2018.

Shortly after Trump's tweet on Wednesday, Senate Minority Leader Charles E. Schumer (D-N.Y.) took to Twitter to respond.

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