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

IEA's scenario showed that by the end of next year output from these two countries could be 1.5 million bpd lower than now, amid USA sanctions against Iran and the production collapse in Venezuela.

Pumped further by global trade war fears, oil prices have since surged to multi-year highs, only to then fall back again somewhat, the IEA said.

US President Donald Trump in May announced he would pull out of a landmark 2015 nuclear agreement with Iran that had eased sanctions on the oil giant.

"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the U.S. and other oil-consuming nations.

Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output.

A mix of new US sanctions on Iran, chaos in Venezuela and robust global growth has tightened the oil market.

Citing "people briefed on the discussions", Bloomberg on Wednesday said Saudi Arabia had floated several oil output hike plans to fellow cartel members.

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Trump's complaints about OPEC come amid expectations of a more costly USA summer driving season. Higher interest rates strengthen the dollar, increasing the cost of commodities including oil for buyers using other currencies. Prices have risen around 60 percent over the past year.

OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that had sent prices crashing.

Russia, alongside Saudi Arabia, has the highest spare capacity to boost production.

Opec crude supply edged up to 50,000 bpd last month to nearly 32 million bpd, while the IEA revised upwards its estimate for 2018 non-Opec production growth to 2 million bpd, and in 2019 it expects to see bumper growth, albeit slightly reduced, of 1.7 million bpd.

The talks come within less than two months of oil minister Dharmendra Pradhan proposing an alliance between Indian and Chinese staterun oil companies for a greater say in the market.

OPEC itself spotlighted U.S. output in its own monthly report on Tuesday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.

Meanwhile, IEA sees non-OPEC supply rising by 2 million bpd this year, lead by growth from the U.S. But infrastructure and logistics could constrain growth and the IEA only sees supply growth of 1.7 million bpd in 2019.

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