Trump eyes oil prices: ‘OPEC is at it again’

Trump eyes oil prices: ‘OPEC is at it again’

Trump eyes oil prices: ‘OPEC is at it again’

The agency is forecasting global oil demand will grow by 1.4 million barrels per day (bpd) in 2019 - topping 100 million bpd in the second quarter of the year.

"Prices will be above $150 in less than two years", he tweeted on Wednesday.

He last raised the issue in April.

"More oil from OPEC plus is the base case", said Bjarne Schieldrop, analyst at Swedish bank SEB.

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. OPEC reported in its monthly oil market report Tuesday, that Saudi Arabia has already increased production.

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Trump's tweet comes ahead of a key OPEC meeting with Russian Federation on June 22 to discuss raising production for the first time since 2016, when they began cutting production by a 1.8 million barrels per day.

Trump's complaints about OPEC come amid expectations of a more costly United States summer driving season.

Analysts attribute the rise in prices in part to OPEC's action to defend prices.

Oil prices reversed losses, USA 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.

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"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May.

But Matt Smith, director of research at ClipperData, said Trump himself is responsible for some of the pressure due to the decision to exit the Iran deal.

"Oil prices have come up a lot, but we're not near $4 gasoline", Bordoff said. "The forecast for Brent crude oil is for spot prices to remain above $70 per barrel this year, as global oil demand outpaces supply".

This could lead to a supply gap in crude late next year if OPEC can't make up for lost production, the IEA said in its monthly report Wednesday.

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

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For 2019, IEA's estimate of demand anticipates growth of 1.4 million barrels of oil per day, amid a boost from the petrochemicals sector, where some projects are coming on stream earlier than previously thought.

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