Their combined strength should also give them a say over matters such as oil exports from Iran after the USA pullout from the Iran nuclear deal.
But the president has not mentioned the tax increase idea in months as gas prices have steadily risen because of higher oil prices on the world market, eating into higher take-home pay that millions of American workers gained when Congress late previous year passed tax-cut legislation supported by Trump.
In 2017, OPEC began cutting about 1.8 million barrels per day to support the market.
Crisis-wracked Venezuela's oil production continued to shrink, plunging for the 10th straight month to 1.36 million b/d.
Saudi-led forces open assault on Yemen port city of Hodeida
The Red Sea port serves as the entry point for 70 percent of Yemen's imports as the country teeters on the brink of starvation . The United Nations and other aid groups had pulled their global staff from Hodeida ahead of the rumored assault.
His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017.
Oil prices edged higher on Wednesday, turning positive after US government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks.
OPEC kingpin Saudi Arabia in January publicly floated the idea to extend the cooperation agreement which was struck by 24 OPEC and non-OPEC producers in late 2016 to trim output to shore up prices.
India and China are discussing ways to boost imports of U.S. crude to Asia, a move aimed at reducing their dependence on cargoes from members of the Organization of Petroleum Exporting Countries, according to an Indian government official.
Meanwhile, OPEC left its outlook for global oil demand unchanged at 98.85 million barrels per day, up 1.65 million barrels a day from past year.
AT&T granted approval to acquire Time Warner for $85 billion
Fox shares rose 5.2% in after-hours trading Tuesday, while Comcast fell as much as 4% and Disney dropped as much as 2%. It's been years in the making, but the mammoth merger of AT&T and Time Warner Inc.is officially going to happen.
"The market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the IEA said in its monthly report. The BJP-led government in India is concerned this will jeopardize its chances in next year's general election with the opposition blaming the government for rising fuel prices.
OPEC on Tuesday said that the oil market outlook in the second-half of 2018 is highly uncertain and warned of downside risks to demand. The volume reflected higher production from Saudi Arabia, Algeria and Iraq, and declines from Nigeria, Venezuela and Libya.
Prior to Trump's April tweet, the price of oil had soared from $50 a barrel last fall to over $70.
OPEC and non-OPEC producers are meeting in Vienna on June 22 to discuss the supply situation.
In the USA, the crude stockpile decline was steeper than estimated by analysts in a Bloomberg survey, and also ran counter to an industry report a day earlier showing an increase. Oil's recent rally to a three-year peak above $80 a barrel in London has prompted warnings that prices could hurt economic growth.
Maybe Frank Warren was wrong about Anthony Joshua's next fight after all
Wilder and Joshua will put their undefeated heavyweight records on the line. We've got to speak to them about what date suits them.