Donald Trump reignites Opec spat over 'too high' oil prices

Donald Trump reignites Opec spat over 'too high' oil prices

Donald Trump reignites Opec spat over 'too high' oil prices

"We have looked at a scenario, not a forecast, showing that by the end of next year output from these two countries (Venezuela and Iran) could be 1.5 mb/d (million barrels per day) lower than it is today", it said in a report.

But the US request and a Trump tweet in April that blamed OPEC for high oil prices has caused a split within the oil group, with some members accusing Saudi Arabia of being too eager to do Trump's bidding.

A pump jack lifts oil out of a well, during a sandstorm in Midland, Texas, U.S., April 13, 2018.

Iran's OPEC governor later told Reuters "You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", referring to itself and Venezuela.

President Donald Trump blames OPEC for oil prices that he says are too high, and no doubt many Americans feel the same way.

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"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the USA and other oil-consuming nations.

"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. They plan to discuss oil, amongst other things. A gallon of regular gasoline is now $2.91, up 25 percent from the year-ago level.

Opec producers and non-Opec countries struck a deal in 2016 to trim production by 1.8 million barrels per day to reduce a global glut of oil.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added. Saudi Arabia has already started pumping more crude.

The EIA boosted its Brent estimate for both this year and next.

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Rising oil output by the world's third biggest producer, the United States, is also affecting prices.

"It's confusing why the president would come out with a statement like this now", Smith said.

Earlier this month, Bloomberg reported that the Trump administration asked OPEC and Russian Federation to boost oil output.

Meanwhile, IEA sees non-OPEC supply rising by 2 million bpd this year, lead by growth from the U.S. But infrastructure and logistics could constrain growth and the IEA only sees supply growth of 1.7 million bpd in 2019.

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