Trump bashes OPEC for 'high' oil prices

"Oil prices are too high, OPEC is at it again".

OPEC is a group of 14 nations that seeks to coordinate oil production and greatly influence oil prices. They have shown discipline in limiting production since the start of previous year, helping push up the benchmark price of worldwide crude.

The price surge is taking a toll on heavy-energy users in the U.S., where the producer-price index rose by 0.5pc in May from a month earlier, according to the latest data from the USA labor department.

Traders are holding their breath for the June 22 meeting of oil ministers from Opec member states in Vienna.

The country boosted production after the USA lifted sanctions related to Iran's nuclear program in 2016, but analysts expect output to fall when the Trump administration's decision to withdraw from the deal takes full effect later this year.

The Paris-based agency last month cut its forecast for global oil demand growth for this year as oil prices approached $80 a barrel.

The Schork Report Publisher Stephen Schork on the outlook for oil prices. "At current prices USA oil producers are still losing money".

While there are risks that could influence this estimate, including possibly higher prices, trade disruptions and a potential further strengthening of the USA dollar, the IEA said some governments are already considering measures to ease price pressures on consumers.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from all three top producers are increasing.

Oil prices have eased slightly in recent weeks.

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.

"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.

OPEC is under scrutiny in Congress, too. The committee chairman, Rep. The measure now goes to the full House. "Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two".

Earlier in the session, Brent and USA crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts.

Democrats are trying to blame Trump for higher gasoline prices, sensing the issue will resonate with voters in the November midterm elections that will determine control of the House and Senate. Schumer spoke as he stood in front of the price sign - regular for $3.09 - at an Exxon station on Capitol Hill.

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