Trump Declares Oil Prices 'Too High,' Blames OPEC

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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.

Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT. USA light crude was 20 cents lower at $66.16. "You can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility", he said in a statement to Reuters, referring to itself and Venezuela.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the previous year.

But the Paris-based IEA, echoing statements from oil producers as well as analyst comment in recent weeks, said there may be a change to the so-called Vienna agreement.

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.

"Saudi Arabia and Russian Federation have already started to lift production", he said.

OPEC is a group of 14 nations that seeks to coordinate oil production and greatly influence oil prices.

LONDON-Oil prices edged lower Wednesday, as traders appeared to discard fresh signs of robust demand and kept their eyes fixed on OPEC's gathering next week.

In the United States, the American Petroleum Institute said on Tuesday crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million.

The deal, which is due to run out at the end of 2018, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing back above 10 million bpd, supplies from the top three producers are increasing.

"The U.S.is important to us, but. we have not received any official communication, or even unofficial communication, from the administration", he told CNN.

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