President Trump took fresh aim at the OPEC oil cartel on Wednesday.
A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.
U.S. President Donald Trump said on Wednesday oil prices were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month.
Oil slipped after Russian Federation was said to propose that OPEC and other producers in a global alliance reverse the supply cuts they've been making since early past year.
Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words.
Fox News contributor John Layfield on the impact of rising oil prices on the US economy.
While Nigeria reported diminishing oil exports in the wake of force majeure on Bonny Light oil, both Saudi Arabia and Russian Federation this week reported increased oil production for the month of May, at 10.0 million bpd and 11.09 million bpd respectively, sending mixed signals to the oil market.
The world's top crude producers are key partners in the OPEC+ deal, which is created to prop up oil prices by cutting global output. "Not good!" he wrote on Twitter.
OPEC and various non-OPEC oil producers are set to convene in Vienna later in the month to discuss future production. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions.
Oil prices dropped on Wednesday as a result of increased supplies in the U.S.
USA ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies.
However, it is unclear whether other nations will commit to raising production.
With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from the top three producers are increasing. Prices nationwide have edged up toward $3 USA a gallon as the U.S. hits its peak summer travel season, still less than the $4 United States a gallon in 2008 during the 2007-2009 Great Recession.