Trump renews attack on OPEC ahead of group's production meeting

Production cuts by OPEC have led to worldwide oil prices hitting a four-year high last month that forced a Rs. 3.8 per litre raise in petrol and Rs. 3.38 a litre increase in diesel prices.

Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth. A mix of new US sanctions on Iran, chaos in Venezuela and robust global growth has tightened the oil market. OPEC reported in its monthly oil market report Tuesday, that Saudi Arabia has already increased production. Oil output for Venezuela has been crimped by the nation's economic crisis while US sanctions on Iran could further reduce that country's output.

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.

Earlier in the session, Brent and US crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts. He also chronicled Maryland government for more than a decade.

Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output.

Russian Federation and Saudi Arabia are set to open the football world cup, which kicks off in Russian Federation on Thursday.

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Saudi Arabia last month signaled it was ready to boost output in the second half of the year to ease consumer anxiety about higher prices, a policy U-turn for the kingdom that only weeks earlier advocated for production restraint.

This time the U.S. President used fewer words to reiterate his position that "OPEC is at it again".

He last raised the issue in April.

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. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!

Even if the supply gap, triggered by the return of USA sanctions on Iran and a major political crisis in Venezuela, is plugged, the oil market will likely remain vulnerable to disruption next year, the IEA warned. Adding to their $500bil of losses since 2007.so if all production growth is unprofitable what makes oil prices high?? Off-topic, inappropriate or insulting comments will be removed.

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