Pipeline outages: Nigerian oil output takes a plunge

Trump bashes OPEC for 'high' oil prices

But the International Energy Agency said it believes the prices are unlikely to rise as sharply as they have in the past few months, CNBC reported.

The two nations want to put pressure on Opec producers to keep prices under control, he said in New Delhi on Wednesday, asking not to be identified because of internal policy.

It is the second time Trump has used Twitter as president to blast high oil prices and point the finger at OPEC. The volume reflected higher production from Saudi Arabia, Algeria and Iraq, and declines from Nigeria, Venezuela and Libya. "Not good!" the president said.

OPEC nation Iran said it expects the group to stick with its pact to restrain oil supply as world markets don't need more crude.

Oil prices turned positive on Wednesday after a bigger-than-expected decline in USA crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer.

The Organization of Petroleum Exporting Countries and several non-members agreed in late 2016 to curb output by 1.8 MMbpd to eliminate a supply glut that was weighing on prices.

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman are meeting Thursday ahead of the OPEC meeting, adding fuel to the fire over how those countries might influence the June 22 proceedings.

Iraq, OPEC's second-largest producer, said the group should resist pressure to increase oil supplies because its curbs haven't yet achieved their goal, with crude prices still below the desired level.

The potential for OPEC to boost production has raised concerns about the cartel's limited spare capacity, which could fall to as low as 2 million bpd.

Oil prices ticked higher Thursday after data showed a decline in US petroleum inventories. With record amounts of Oil all over the place, including the fully loaded ships at sea. Trump tweeted in April.

The 14-country bloc's next meeting is June 22, when ministers will gather in the Austrian capital amid speculation that Saudi Arabia may push for more flexibility on production quotas in anticipation of sustained declines in Venezuela and the impact of USA sanctions on Iran.

Various sources show that "considerable uncertainty as to world oil demand and non-Opec supply prevails", Opec said, leading to a wide range of estimates for the remainder of 2018.

The disagreement has revived memories of a 2011 meeting that former Saudi oil minister, Ali al-Naimi, called one of the group's worst ever - talks collapsed when a majority of members refused to endorse a Saudi push to pump more.

For India the greatest risk to its economic outlook is high energy prices, given its reliance on imported crude and natural gas, and to some extent imported coal.

Brent futures for August settlement traded at $76.49 a barrel on the London-based ICE Futures Europe exchange, down 25 cents.

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