President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.
Amid indications that India is looking at non-OPEC sources of crude such as the United States and China to beat down prices, oil minister Dharmendra Pradhan on Thursday met ambassadors from the cartel's member-countries to deliver a sharp message: be "responsible" with oil pricing or lose market share. Trump wrote on Twitter in April.
"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the USA and other oil-consuming nations.
"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group. The kingdom reported that it increased production in May to about 10 million barrels a day.
US ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies.
Saudi Arabia's oil minister said it's "inevitable" that OPEC and its allies will agree to boost oil output gradually, giving the most definitive signal yet that the cartel will alleviate high prices for consumers.
Russian Federation and Saudi Arabia are set to open the football World Cup tournament, which starts in Russian Federation on Thursday.
"I think we'll come to an agreement that satisfies most importantly the market".
OPEC is the Organization of Petroleum Exporting Countries, a group of 14 oil-producing nations that had agreed to tighten supply to shore up crude prices. Russia, the leading country outside OPEC that's part of the current agreement, is also pushing for higher production.
But Matt Smith, director of research at ClipperData, said Trump himself is responsible for some of the pressure due to the decision to exit the Iran deal. "Not good!" the president said. "The real catalyst for the recent rise in prices is the sanctions on Iran".
The idea of forming an oil bloc to counter OPEC's hegemony was mooted by Indian Petroleum Minister Dharmendra Pradhan during the International Energy Forum meeting in April in New Delhi.
"Iran has already signaled that it will resist any such attempts and blames the US for the price rise".
OPEC itself spotlighted U.S. output in its own monthly report on Tuesday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.
The IEA report comes a day after OPEC warned of "considerable uncertainty as to world oil demand".