Donald Trump accuses OPEC of driving up oil prices

Donald Trump accuses OPEC of driving up oil prices

Most of the other OPEC nations are reportedly upset with Saudi Arabia for not consulting them prior to such comments and hints, and most of the OPEC members-excluding the Saudis and some of its Gulf allies (Kuwait, the UAE)-will not be able to lift production significantly in order to offset lower oil prices.

Oil prices turned positive on Wednesday after a bigger-than-expected decline in USA crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer. "Not good!" the president said.

OPEC is the Organization of Petroleum Exporting Countries.

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

"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.

"More oil from OPEC plus is the base case", said Bjarne Schieldrop, analyst at Swedish bank SEB. Moscow will also support extending the OPEC/non-OPEC alliance into next year-with or without new production levels, depending on the oil market conditions, according to Bloomberg's source. But the countries pushing for looser policy face staunch opposition from Iran and Venezuela, both under sanctions from Washington.

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"Prices will be above $150 in less than two years", he tweeted. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

OPEC will meet on June 22-23 to discuss the potential of reducing its output cuts now that the market is more in balance.

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. Key producers, including Saudi Arabia and Russian Federation, have reaffirmed the deal since then.

Meanwhile, output from Venezuela - a major oil exporter to the US - has plunged as the country goes through a political and economic crisis. Trump tweeted in April. "Looks like OPEC is at it again", he tweeted. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!

Fund manager Pierre Andurand at Andurand Capital was bullish.

USA companies have filled some of the gap created by Venezuela, OPEC and non-OPEC producers including Russian Federation. "The forecast for Brent crude oil is for spot prices to remain above $70 per barrel this year, as global oil demand outpaces supply". "Maybe they are actually way too low".

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