Trump, Iran spar over oil prices ahead of OPEC meeting

Trump bashes OPEC for 'high' oil prices

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

Russian Federation and Saudi Arabia, leaders of the group of 24 producers, already suggested boosting output to stop prices going any higher and hurting oil demand.

But the International Energy Agency said it believes the prices are unlikely to rise as sharply as they have in the past few months, CNBC reported.

"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group.

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

OPEC, in its Monthly Oil Market Report for June, put Nigeria's output at 1.516 million bpd in May, down from 1.63 million in April and 1.861 million bpd in December 2017.

U.S. President Donald Trump renewed his attack on OPEC on Wednesday, and the International Energy Agency said the world may face a supply gap by late 2019 if OPEC can not cover any shortfalls.

OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices.

Overall, there is no immediate reason to expect lower crude oil demand growth in China and India, but the risks are mainly angled toward an easing rather than an acceleration.

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Also weighing on prices was another rise in USA oil production C-OUT-T-EIA, which hit a weekly record of 10.9 million bpd last week, according to the Energy Information Administration (EIA) on Wednesday.

On the sidelines of the opening match of the World Cup on Thursday, President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman will meet to discuss oil policy, Bloomberg added.

According to secondary sources, total OPEC crude oil production averaged 31.87 million bpd in May, an increase of 35,000 bpd from the previous month.

A mix of new US sanctions on Iran, chaos in Venezuela and robust global growth has tightened the oil market.

The president has been vocal about his dissatisfaction with oil prices in the past.

Oil prices ticked higher Thursday after data showed a decline in US petroleum inventories.

Earlier this week, Iraq's oil minister, Jabar Al-Luaibi, said OPEC shouldn't give in to pressure and increase production rates as the oil markets still need stability. With record amounts of Oil all over the place, including the fully loaded ships at sea.

Monday's talks between Sanjiv Singh, head of IndianOil, India's largest refiner and fuel retailer, and top executives of Chinese oil companies also looked at investing - either jointly or separately - in expanding United States oil and gas export infrastructure to raise shipments to Asia as a counterbalance to OPEC, sources said. The House Judiciary Committee approved a bill Wednesday to subject OPEC to US antitrust law by removing state immunity shields.

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