Trump's grousing follows reports suggesting the oil exporters group was already planning to open the spigots, an outcome the International Energy Agency hinted at in its monthly report released earlier today.
"Statements by several parties suggest that action in terms of higher supply could be on the way," said the IEA, which represents the US and other oil-consuming nations.
The IEA suggested the June 22 OPEC meeting in Vienna would need to boost output because of a political crisis in Venezuela that has pinched petroleum output and Trump's decision to exit the Iran nuclear pact, which is expected to result in lower production from the Middle Eastern country.
"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russia on top of the increase already built into our 2019 non-OPEC supply numbers," the IEA said.
Trump's complaints about OPEC come amid expectations of a more costly US summer driving season. A gallon of regular gasoline is currently USD 2.91, up 25 per cent from the year-ago level.
Analysts attribute the rise in prices in part to OPEC's action to defend prices.
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. Key producers, including Saudi Arabia and Russia, have reaffirmed the deal since then.
"It's confusing why the president would come out with a statement like this now," Smith said. "The real catalyst for the recent rise in prices is the sanctions on Iran."
While the world turns its eyes on the Vienna OPEC meeting, oil market watchers are also monitoring activity in Trump's home market, where higher prices are feeding more production of American shale oil.
US production of oil came in at 10.9 million barrels per day last week, according to data released today by the US Energy Information Administration, up nearly 17 per cent from the year-ago level.
OPEC itself spotlighted US output in its own monthly report yesterday, citing the growth of non-OPEC supply as one of several question marks hanging over the situation.
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.
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