Trump accuses OPEC of raising oil prices

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.

"Glad you noticed. We wrote you last month asking for action", Schumer said, including a copy of a letter in which he and three other Democratic senators called on Trump "to use all of your authority" to pressure OPEC to increase world oil supplies.

Saudi Arabia has floated several plans to fellow OPEC members as the kingdom seeks consensus before the meeting in Vienna next week.

Since early in 2017, however, OPEC has coordinated with Russian Federation, another oil-exporting country that is not an OPEC member, to try to regulate global supplies.

Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT.

In its closely watched Monthly Oil Market Report published today, OPEC revised up its non-OPEC supply growth estimate by 130,000 bpd compared to last month's report, and now expects non-OPEC supply growth of 1.86 million bpd in 2018 compared to 2017.

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Although Saudi Arabia has benefited from oil's rally over the last two years, the government relies on a strong security relationship with the USA, giving Washington some influence in the debate over OPEC policy. Crude inventories fell by 4.1 million barrels in the week to June 8, exceeding analysts' expectations for a decrease of 2.7 million barrels. "Put the exports of crude on top of that, and it's just a really bullish report".

OPEC and various non-OPEC oil producers are set to convene in Vienna later in the month to discuss future 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 all three top producers are increasing. "Unofficial sources have said Russian Federation will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months".

Rising oil output by the world's third biggest producer, the U.S., is also affecting prices.

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.

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