President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.
Analysts attribute the rise in prices in part to OPEC's action to defend prices.
"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the U.S. and other oil-consuming nations.
OPEC itself spotlighted USA output in its own monthly report on Tuesday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.
The U.S. move has put pressure on European and Asian clients to stop importing Iranian oil or doing business with the country.
While Venezuela is a member of OPEC, "the disaster in Venezuela, which has created a hole in the market, is not the fault of OPEC", said Daniel Yergin, the vice chairman of research firm IHS Markit and author of several books on the energy industry.
The 14-strong Organization of the Petroleum Exporting Countries and 10 non-OPEC producers, led by Russian Federation, are set to meet on June 22 and 23 to discuss the future of previously pledged production cuts of over 1.8 million barrels a day.
Oil prices reversed losses, US crude settling 0.4% higher at $66.64 a barrel, and Brent crude rising 1.1% to $76.74, amid reports that Russian Federation wants a full-rollback of production cuts it had agreed to make with OPEC in 2016.
U.S. oil production has more than doubled in the past decade, including a 19 percent increase since OPEC's limits took effect in January 2017, according to the U.S. Energy Information Administration.
Saudi Arabian Crown Prince Mohammed bin Salman and President Vladimir Putin are meeting in Moscow tomorrow to discuss oil policy on the sidelines of the opening match of the FIFA World Cup. This trend is expected to continue, as additional pipeline capacity will be coming on line in the second half of the year.
"Looks like OPEC is at it again".
He last raised the issue in April. With record amounts of Oil all over the place, including the fully loaded ships at sea.
Trump drew lots of tweeted responses, including one from oil hedge fund founder Pierre Andurand, who expects prices will be above $150 a barrel in less than two years.
"Oil prices have come up a lot, but we're not near $4 gasoline", Bordoff said. Adding to their $500bil of losses since 2007.so if all production growth is unprofitable what makes oil prices high??
With assistance from Michael Roschnotti. All comments are subject to editorial review.