Trump slams OPEC as IEA anticipates near-term oil price relief

Opec and its allies have been curbing supply since January 2017 to boost oil prices and cut bloated global inventories

The American Petroleum Institute, an industry group, said late Tuesday that oil stockpiles rose by 830,000 barrels last week.

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.

Oil pumpjacks are seen in Lagunillas, Venezuela May 24, 2018. Brent crude was trading at $75.83 per barrel, while the US WTI was valued at $66.31.

US companies have filled some of the gap created by Venezuela, OPEC and non-OPEC producers including Russian Federation. "Put the exports of crude on top of that, and it's just a really bullish report". "It seems like we need nearly every barrel of that to keep up with this refining demand".

India and China, which together accounted for nearly 17% of world oil consumption past year, are working on combining their shopping carts with a view to challenging Opec's capability to play havoc with crude prices and seek better bargains from the cartel of oil exporting countries, especially its West Asian members.

On Wednesday, the national average for a gallon of regular stood at $2.91, up 25 percent from a year ago, according to the AAA auto club.

"More oil from OPEC plus is the base case", said Bjarne Schieldrop, analyst at Swedish bank SEB.

"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May. Moscow's pledge in the deal is to shave off 300,000 bpd from the October 2016 level, which was the country's highest monthly production in nearly 30 years-11.247 million bpd.

"We have looked at a scenario, not a forecast, showing that by the end of next year output from these two countries (Venezuela and Iran) could be 1.5 mb/d (million barrels per day) lower than it is today", it said in a report.

"However, even if the Iran/Venezuela supply gap is plugged, the market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the IEA said.

"Glad you noticed. We wrote you last month asking for action", Schumer said, including a copy of a letter in which he and three other Democratic senators called on Trump "to use all of your authority" to pressure OPEC to increase world oil supplies.

In April, Saudi Energy Minister Khaled al-Faleh said the global market has the capacity to absorb higher oil prices - a remark that drew a swift reaction Trump.

Fund manager Pierre Andurand at Andurand Capital was bullish.

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