Opec resistance to Saudi supply plan grows as Iraq objects

A oil pump is seen at sunset outside Scheibenhard near Strasbourg France

President Trump complained Wednesday that oil prices are too high and blamed the spike on OPEC, the group of 14 nations that controls a major portion of the world's supply of crude petroleum.

Meanwhile, IEA sees non-OPEC supply rising by 2 million bpd this year, lead by growth from the U.S. But infrastructure and logistics could constrain growth and the IEA only sees supply growth of 1.7 million bpd in 2019.

Oil prices ticked higher Thursday after data showed a decline in USA petroleum inventories.

The second-largest production decline came from Venezuela, which in May saw its volume shrink by 42,500 BPD, to 1.39 MMBPD, according to OPEC.

"Looks like OPEC is at it again", Trump said in an April 20 tweet.

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The ideas, discussed informally among ministers and delegates ahead of next week's meeting in Vienna, comes as Riyadh tries to rally support for a production increase in the face of staunch opposition from Iran, Venezuela and Iraq, and pressure from Washington, the same people said, asking not to be named discussing private conversations.

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.

Earlier in the session, Brent and US crude futures had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts when they meet on June 22-23 in Vienna.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $65.99 a barrel, down 37 cents, or 0.6 percent, from their last settlement.

Saudi Energy Minister Khalid al-Falih said he expected a reasonable and moderate agreement next week when OPEC and non-OPEC oil producers meet.

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Indian Oil Corporation (IOC) chairman Sanjiv Singh met Wang Yilin, chairman of China National Petroleum Corporation (CNPC) in Beijing on Monday and held discussions to facilitate more U.S. crude oil imports to Asia to cut the dominance of OPEC.

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 U.S. decision to ditch a landmark worldwide nuclear accord with Tehran and re-impose damaging sanctions.

By Debjit Chakraborty Two of Asia's largest crude buyers are considering teaming up to buy United States supplies and counter Opec's dominance in the world's biggest oil market. The kingdom and partner Russian Federation, which last month proposed increasing supplies later this year without first consulting Opec members, appear to be raising production already.

After all, India and China are slated to fuel half of the global demand growth in energy in the next five years.

The OPEC Basket price per barrel of crude oil is $74.11. A gallon of regular gasoline is now $2.91, up 25 percent from the year-ago level. Trump tweeted in April.

"Greatest achievement" of summit was trust-building between Kim, Trump: Seoul
Speaking to the news media after the summit, Trump said he would call Chinese President Xi Jinping to discuss the talks . People want him to work to make peace with the nation, a sentiment that has held for presidents since 2012.

In the letter, the senators said a run-up in oil prices is "effectively a tax on every American family's discretionary budget" since the price of oil directly affects the price of gasoline.

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