President Donald Trump is declaring that oil prices are too high and blaming a coalition of countries that control a significant portion of the world's supply of crude petroleum.

Oil prices have risen about 60 percent since a year ago after the Organization of Petroleum Exporting Countries and other oil producers, including Russian Federation, began reducing output to cut excess supply, Reuters reported.

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

"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.

Oil prices peaked in late May, hitting the $80 per barrel ceiling on the Brent futures contract and $72.24 on the West Texas Intermediate.

The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year.

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

In April, Trump also blasted OPEC on Twitter, accusing the group of "artificially" raising oil prices.

USA crude stocks fell more than expected last week, while gasoline and distillate inventories dropped, the Energy Information Administration said on Wednesday.

Barely recovered from the roller coaster ride of recent weeks, traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna. Russia's production was 11.1 million barrels a day in June, exceeding its quota, according to sources familiar with the matter.

In the United States, rising gasoline prices have threatened to blunt other economic headwinds. Prices nationwide have edged up toward $3 a gallon as the USA hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.

After Trump tweeted his unhappiness with the price of oil in April, the price of oil fell. "The withdrawal from OPEC + will not be discussed", he said, confirming that Putin's meeting with the crown prince of Saudi Arabia will be held on Thursday.


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