Trump declares oil prices too high, blames OPEC

A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.

Oil has retreated from the highs of May as Saudi Arabia and Russian Federation signaled they may increase output later this year to counter supply losses from other producers, while U.S. President Donald Trump is also pressuring them to temper crude prices.

Oil prices have risen about 60 percent since past year after the Organization of Petroleum Exporting Countries and other oil producers, including Russian Federation, began reducing output to cut excess supply, Reuters reported. The cartel is meeting next week, where it will consider pulling back from the deal.

"World oil demand in 2018 is forecast to grow by 1.65 mb/d, broadly unchanged from the previous month's assessment, to stand at 98.85 mb/d", OPEC said.

West Texas Intermediate crude for July delivery dropped as much as 84 cents to $65.52 a barrel on the New York Mercantile Exchange and traded at $66.22 as of 11:07 a.m. London time.

Oil slipped after Russian Federation was said to propose that OPEC and other producers in a global alliance reverse the supply cuts they've been making since early a year ago. They plan to discuss oil, amongst other things. The calculus changed, however, after Trump announced in May that the United States was pulling out of the 2015 deal that restricted Iran's nuclear program in exchange for the removal of sanctions.

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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 US, giving Washington some influence in the debate over OPEC policy.

Dutch bank ING, however, said some OPEC members would "struggle to push production back to October 2016 levels".

However, it is unclear whether other nations will commit to raising production.

Saudi Arabia, the biggest producer, raised its production by 85,500 bpd to 9.987 million bpd, according to OPEC's secondary sources. Prices nationwide have edged up toward $3 a gallon as the US hits its peak summer travel season, still less than the $4 a gallon during the 2007-2009 Great Recession.

After Trump tweeted his unhappiness with the price of oil in April, the price of oil fell.

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