Trump Declares Oil Prices 'Too High,' Blames OPEC

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, led by Russian Federation, agreed to cut output in 2017 to reduce a supply overhang, which has led to a 60 percent spike in oil prices over the past year.

The recent spike in oil should ease in the near term, according to the International Energy Agency's (IEA) latest monthly report, but there could be a large supply gap late next year if the Organization of Petroleum Exporting Countries (OPEC), year as oil demand will grow steadily thanks to a solid global economy.

That move took crude from about $50 a barrel in late 2016 to more than $70 this year.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words.

"Glad you noticed. We wrote you last month asking for action", Schumer said, including a copy of a letter in which he and three other Democratic senators called on Trump "to use all of your authority" to pressure OPEC to increase world oil supplies.

"While oil demand in the US, China and India shows some upside potential, downside risks might limit this potential going forward, including a slowdown in the pace of economic growth in some major economies, stronger impact of policy reform with regard to retail prices, and further substitution toward natural gas", according to OPEC.

The price of West Texas Intermediate, the North American benchmark, was trading lower by 33 cents at $66.03 U.S. per barrel following Trump's comment.

USA crude stocks fell more than expected last week, while gasoline and distillate inventories dropped, the Energy Information Administration said on Wednesday.

OPEC and other producers will meet on June 22-23 in Vienna to discuss future production. Trump tweeted on April 20. Prices nationwide have edged up toward $3 United States a gallon as the USA hits its peak summer travel season, still less than the $4 US a gallon in 2008 during the 2007-2009 Great Recession.

OPEC's crude oil production increased by 35,400 bpd from April, to 31.869 million bpd in May, as Saudi Arabia, Algeria, and Iraq boosted production that was partially offset by lower production in Nigeria, Venezuela, and Libya.

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