Trump Declares Oil Prices 'Too High,' Blames OPEC

Crude Oil

That move took USA crude from about $50 a barrel in late 2016 to more than $70 in 2018. Investors are looking for signs of whether OPEC will reach a consensus on boosting production, with the group set for a fractious meeting in Vienna next week.

United States President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries (Opec) of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

OPEC and Russian Federation decided together in 2016 to cut their supply in order to push prices up following a crash in prices induced by a global crude production glut.

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

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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.

"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.

On the New York Mercantile Exchange, West Texas Intermediate futures were down 0.18% at $66.24 a barrel. The U.S. has lobbied Saudi Arabia and other members, arguing they need to raise output by 1 million barrels a day to keep prices in check, people told Bloomberg News earlier this month. In response, Saudi Arabia, Iran's rival and the largest producer in OPEC, said it would consider increasing supply.

However, it is unclear whether other nations will commit to raising production.

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

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

Oil prices across the country have crept up toward $3 a gallon as the U.S. hits its peak summer travel season - still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession, according to Reuters.

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