China and India want to buy more U.S. oil to counter Opec

Futures in New York dropped as much as 1.3% after the American Petroleum Institute was said to report nationwide crude inventories rose last week

Futures in New York dropped as much as 1.3% after the American Petroleum Institute was said to report nationwide crude inventories rose last week

"You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", he said, referring to his country and Venezuela.

At least three OPEC members disagree with Saudi Arabia and Russian Federation on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just as consuming nations are warning of a shortage. "Not good!" he wrote on Twitter. "Oil prices are artificially Very High!"

Outages due to the troubles in Nigeria and Venezuela's oil industries more than offset higher output from Saudi Arabia, Iraq and Algeria, the survey found, as May production fell 100,000 b/d from the previous month.

Iran's share of OPEC production increased slightly last month, possibly a sign that the country's crude exports have not yet been affected by the USA decision to ditch a landmark global nuclear accord with Tehran and re-impose damaging sanctions.

The president has been vocal about his dissatisfaction with oil prices in the past.

Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was "at it again".

"During the meeting, Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India", the statement said.

OPEC flows were already higher in May, led by Saudi Arabia, the IEA said, adding that the oil kingpin was still in compliance with the Vienna deal caps. Projections are that both the countries are likely to account for more than 50% of future oil demand growth.

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Oil price report released yesterday by OPEC showed that Brent crude was down 20 cents at $75.68 a barrel, as USA light crude was 35 cents lower at $66.01.

This is setting the scene for a fractious meeting when the Organization of Petroleum Exporting Countries and its partners gather in Vienna on June 22-23.

Rising U.S. stocks partly reflect a surge in U.S. crude production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).

"More oil from Opec+ is the base case", said Bjarne Schieldrop, chief commodities analyst at Swedish bank SEB.

In 2017, OPEC began cutting about 1.8 million barrels per day to support the market.

Under one scenario weighed by the IEA, output from Venezuela and Iran by the end of 2019 could be 1.5 million barrels per day lower than it is today.

The U.S. Energy Information Administration (EIA), which defines it as production that can be brought online for 30 days and sustained for at least 90 days, put OPEC's spare capacity at 1.91 million bpd in the first quarter.

Jason Bordoff, a Columbia University professor and former energy adviser to President Barack Obama, said politicians always fret when gasoline prices rise before a big election.

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