Trump renews Twitter assault on OPEC, pushing to cut oil prices

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President Trump complained Wednesday that oil prices are too high and blamed the spike on OPEC, the group of 14 nations that controls a major portion of the world's supply of crude petroleum.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the previous year.

Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Tehran accusing the US president of contributing to volatile prices after he withdraw from a global nuclear arms deal last month. The cartel is meeting next week, where it will consider pulling back from the deal.

An oil production shortfall in Iran and Venezuela may force OPEC and Russian Federation to decide later this month to open their taps, the International Energy Agency said Wednesday.

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

The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year.

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Oil prices edged higher on Wednesday, turning positive after USA government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks. "Not good!" he wrote on Twitter.

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

Saudi Arabia, the biggest producer, raised its production by 85,500 bpd to 9.987 million bpd, according to OPEC's secondary sources.

The full organization, plus non-members like Russian Federation who agreed to take part in the earlier round of production cuts, are meeting June 22 and 23 in Vienna.

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.

After Trump tweeted his unhappiness with the price of oil in April, the price of oil fell.

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