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

US President Donald Trump on Wednesday accused the Organization of Petroleum Exporting Countries of driving up oil prices, in a fresh swipe at the cartel's agreement to cap production.

Traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.

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 a year ago.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words.

Rising US stocks are in part a result of the surge in US crude oil production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).

After peaking in May at $80.50 a barrel, prices have pulled back, with the price of Brent crude trading on Wednesday near $76 at barrel, partly in anticipation that the deal may end, and as Saudi Arabia and Russian Federation have already started increasing production.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again".

"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.

Oil prices dropped on Wednesday as a result of increased supplies in the U.S. The International Energy Agency said Saudi Arabia and other Gulf producers may need to boost supply to offset potential losses of 1.5 million barrels a day from Venezuela and Iran by next year.

Futures in NY dropped as much as 1.3 percent after Russian Federation, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so.

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. Prices nationwide have edged up toward $3 USA a gallon as the U.S. hits its peak summer travel season, still less than the $4 United States a gallon in 2008 during the 2007-2009 Great Recession. Trump tweeted in April.