Trump renews attack on OPEC ahead of group's production meeting

Oil prices have risen by around 60 per cent over the previous year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce excess supply.

Global economic health is important to future oil demand and while the agency sees a solid global economy they are cautions about continued higher oil prices and trade disruptions, both of which could dent global economic growth.

Since early 2017, OPEC and other oil-producing countries have agreed to reduce supply in a bid to bolster oil prices. USA light crude was up 10 cents at $66.46 a barrel.

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

Oil prices dropped on Wednesday as a result of increased supplies in the U.S. Crude inventories fell by 4.1 million barrels in the week to June 8, exceeding analysts' expectations for a decrease of 2.7 million barrels.

"Prices are unlikely to increase as sharply as they did from mid-2017 onwards and thus the dampening effect on demand will be reduced", the IEA said in its latest monthly report.

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Total OECD commercial oil stocks-OPEC's current gauge of the oil market rebalancing-were 26 million barrels below the latest five-year average, as per preliminary data for April.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added.

The full organization, plus non-members like Russian Federation who agreed to take part in the earlier round of production cuts, are meeting June 22 and 23 in Vienna.

The change in Saudi tone came after major oil consuming nations, including the U.S., India and China, complained about rising fuel prices.

The IEA said it expects global oil demand to grow 1.4 million bpd. this year, and in 2019, and will top 100 million bpd.in the fourth quarter of 2018.

"Prices will be above $150 in less than two years", he tweeted on Wednesday.

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