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

Earlier in the session, Brent and US crude futures had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts when they meet on June 22-23 in Vienna. Brent crude was trading at $75.83 per barrel, while the US WTI was valued at $66.31.

U.S. President Donald Trump and Iran exchanged sharp words over oil prices, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran.

That move took crude from about $50 a barrel in late 2016 to more than $70 this year. USA light crude was 40 cents lower at $65.96.

In terms of supply, two big variables are Venezuela and Iran. "It seems like we need nearly every barrel of that to keep up with this refining demand".

Since early in 2017, however, OPEC has coordinated with Russian Federation, another oil-exporting country that is not an OPEC member, to try to regulate global supplies.

Although Saudi Arabia has benefited from oil's rally over the last two years, the government relies on a strong security relationship with the USA, giving Washington some influence in the debate over OPEC policy.

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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.

Yet, even with the 1.8 million-bpd production rollback, the total OPEC/non-OPEC level would still be around 1 million bpd below the October 2016 levels, because some producers, notably Saudi Arabia, have cut more than intended, while others, most notably Venezuela, have seen involuntary production declines and are unable to lift production, the person told Bloomberg. After landing Wednesday morning, Trump fired off tweets on various subjects, including the summit.

But the International Energy Agency said it believes the prices are unlikely to rise as sharply as they have in the past few months, CNBC reported.

The IEA said it expects global oil demand to grow 1.4 million bpd this year, and in 2019, and will top 100 million bpd in the fourth quarter of 2018.

Fund manager Pierre Andurand at Andurand Capital is bullish.

They must also contend with President Donald Trump, who used his Twitter account on Wednesday to attack OPEC for artificially inflating prices.

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