US crude output has risen nearly 30 percent in the last two years to a record high of 10.9 million barrels per day.
Brent crude futures, the worldwide benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 per cent, from their last close.
Wall Street Journal page assistant editor James Freeman, FBN's Kristina Partsinevelos and Susan Li discuss what's driving the US economy and how oil could put a dent in the stock market.
"The Trump administration is trying to intervene in the affairs of a sovereign organization", Hossein Kazempour Ardebili, the most senior Iranian official attending OPEC meetings after the oil minister, said in an interview on Wednesday.
Domestic production rose to 10.9 million barrels per day up from 10.8 million bpd in the week prior, EIA said. The country boosted production after the USA lifted sanctions related to Iran's nuclear program in 2016, but analysts expect output to fall when the Trump administration's decision to withdraw from the deal takes full effect later this year.
"Looks like OPEC is at it again", Trump said in an April 20 tweet.
The president has been vocal about his dissatisfaction with oil prices in the past.
"Prices will be above $150 in less than two years", he tweeted on Wednesday.
Saudi Arabia has floated several plans to fellow OPEC members as the kingdom seeks consensus before the meeting in Vienna next week.
"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", the IEA said.
"Even if the Iran/Venezuela supply gap is plugged, the market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the report said.
Prior to Trump's April tweet, the price of oil had soared from $50 a barrel last fall to over $70. The House Judiciary Committee approved a bill Wednesday to subject OPEC to USA antitrust law by removing state immunity shields. Bob Goodlatte, R-Va., said shielding a cartel like OPEC "makes a mockery of US antitrust law, threatens the American economy and has the potential to harm our national security".
The US move has pressured European and Asian clients to stop importing Iranian oil or doing business with the country.
In the United States, gasoline pump prices nationwide have risen to near $3 a gallon during the peak summer travel season, still less than the $4 a gallon during the 2007-2009 Great Recession. "Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two". "The real catalyst for the recent rise in prices is the sanctions on Iran".
The measure would have to pass the full House and the US Senate before Trump could sign it into law.
There is a mural of Donald Trump when you walk in, with the quote, "Sometimes losing a battle you find a new way to win the war". The views expressed in these articles are the author's own and do not necessarily reflect MintPress News editorial policy.
Vehicles damaged from a powerful storm are seen outside a U-Haul in Wilkes-Barre Township, Pa., Wednesday, June 13, 2018 . A shopping center appeared to have sustained the greatest damage, according to local newspaper, the Times Leader .
Army Corps of Engineers and Fulton County authorities, have reportedly installed buoys and roped off the area around the sinkhole. The commission said that local residents and tourists can still access Spring River but should avoid the barricaded area.
Saudi Arabia sent some players to the Spanish league for experience this season but they didn't get much playing time while there. The crown prince will later attend the opening match, which kicks off at 6pm KSA time.
It's a complex interplay between your feeling of hunger, your awareness of your feelings, and what's going on around you. Kristen Lindquist . "We've all felt hungry, recognised the unpleasantness as hunger, had a sandwich and felt better".
Once everyone arrived, the family gathered together on the balcony to observe the iconic fly-past by the Royal Air Force. Meghan Markle in St George's Chapel, Windsor Castle for her wedding to Prince Harry in Windsor, Britain, May 19, 2018.
On a gameplay front, players can take advantage of new troop formations that bring an extra strategic layer to each battle. It also showed a rich cast of characters battling with some lovely turn-based combat and attack animations.
Addressing calls for a police inquiry on Nigel Farage's LBC radio show, Mr Banks said: "What's the crime?" It would be nice. Mr Paisley said they had an "entertaining lunch" but there was "no caviar or vodka" - a reference to alleged Russian links.
Fans have been desperate to know the circumstances of his departure, as viewers took to social media to beg for more information. Speaking to the group, Dr Alex read: 'For personal reasons unfortunately he can't continue or come back to the villa'.
Kicking Nintendo's E3 press conference off was the announcement of a mech battle title in the style in Gundam and Armoured Core. The trailer shows us controlling a Gundam-like mech and fighting some pretty sizeable mech bosses in a post-apocalyptic world.
"At the same time , the action will extend beyond the stadium, encompassing the city and the area around the Luzhniki Stadium". This year's opening ceremony will reportedly air a half hour before kick-off.
Arachnophobia remake is in the works
Are you excited about this remake? Whatever your thoughts are, be sure to share them with us in the comments section down below! The original movie centered around a species of South American killer spider that crosses the USA border in a coffin.
How to Watch Argentina vs Iceland
Argentina should get out of the group stages comfortably, but it remains to be seen how far Messi's brilliance can take them. Ronaldo is said to believe Real are repeating the mistake they made when they hired Rafa Benitez a few years ago.
Corker blasts Senate colleagues for blocking vote on tariffs
Yet under pressure from the White House, senators had been unwilling to sign on to Corker's bill . "We're in a unusual place". President, you go negotiate, but when you finish, come back, and as senators and as House members, let us vote up or down'".
Get a free Mew if you buy the Poke Ball Plus
One has to wonder, however, if you'll be able to transfer the Mew that comes with the Poke Ball Plus over to Pokemon GO on mobile. It was announced on today's Nintendo Direct that the Pokeball Go Plus will come with the 151st Pokemon , Mew, upon launch.