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"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 his country and Venezuela. The trading unit of China's biggest refiner has cut supplies from Opec's biggest producer in recent months, citing costly oil pricing by the Middle East nation.

The two sides kicked off formal talks in Beijing on Monday for forming an oil buyers' club, a development that is likely to weigh on Opec ministers, who are meeting to discuss an end to production cuts later this month.

Trump wants OPEC to increase its oil production and curb prices. Adding to their $500bil of losses since 2007.so if all production growth is unprofitable what makes oil prices high?? That is a 580,000 b/d year-on-year drop and a 910,000 b/d fall in two years, according to survey data.

Cumulative crude oil output from Nigeria's oil industry decreased from 1.88million barrels per day (mbd) in April to 1.73 mbd in May, indicting steady decline as host community issues and social instability in operating environment begin to impact production. They have shown discipline in limiting production since the start of a year ago, helping push up the benchmark price of global crude.

Top exporter Saudi Arabia - which has so far led OPEC's efforts to withhold supplies - is also showing signs of raising 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.

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"The high level of inventory over the past few years has meant that the market did not need to react to rising political risk, because the inventory was effectively the same thing as spare capacity", Gammel of Jefferies bank said.

Production fell in Nigeria, Libya and Venezuela, but increased in Saudi Arabia, Algeria and Iraq. Benchmark Brent crude was up 87 cents, or 1.2%, at $76.75/Bbl by 2:28 p.m. ET. Saudi Aramco, as the company is known, earlier this month raised pricing on key crude grades for buyers in Asia to the highest since 2014, giving a sign it sees sufficient demand for its crude in that market.

Energy Aspects analyst Sam Alderson said he expected OPEC and Russian Federation to add about 500,000 bpd of production in the second half of 2018, which would reduce spare capacity as a percentage of demand to about 1.75 percent by December 2018.

Those reports collectively painted a picture of sharply falling output from Venezuela and Iran, due to the reinstatement of sanctions on Iran and economic chaos in Venezuela, which has increased the case for raising output in order to avoid sudden price spikes, while also largely predicting that United States shale output would continue to grow at a frenetic pace.

Saudi Arabia has told OPEC that it increased oil output to a little more than 10 million bpd in May, up from 9.9 million bpd in April.


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