Oil eases on China refining dip, higher USA crude output

Oil prices fall as U.S. crude production hits another record

Trump bashes OPEC for 'high' oil prices

LONDON, June 13 (Reuters) - Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts.

Trump may hope his comments will put pressure on USA allies within OPEC to raise their oil production sooner rather than later, staving off any further increase in prices and easing the recent hit to American consumers' pockets at the gas pumps. Russia's production was 11.1 million barrels a day at the beginning of June, exceeding its quota, according to sources familiar with the matter.

As a follow-up of oil minister Dharmendra Pradhan's idea floated at the International Energy Forum (IEF) meeting here in April, Indian Oil chairman Sanjiv Singh travelled to Beijing this month to meet Wang Yilin, chairman of China National Petroleum Corp (CNPC), a top source said.

"I think we'll come to an agreement that satisfies most importantly the market", Khalid Al-Falih told reporters in Moscow on Thursday, when asked about the outcome of the meeting between the Organization of Petroleum Exporting Countries and its allies in Vienna next week.

The surge comes at a time the USA and other consumers are pressuring Saudi Arabia to lift the output cuts at their June 22 meeting, in Vienna.

Brent crude futures, the global benchmark for oil prices, were at $75.65 a barrel at 3.29am GMT, down 23c or 0.3% from their last close.

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"The prospect of easing supply curbs from Opec-led producers continues to be reflected in oil's overall depressed price", Otunuga said.

Brent crude futures LCOc1 were at $76.47 per barrel by 0656 GMT, down 27 cents, or 0.4 percent, from their last close. Members of the cartel, led by Saudi Arabia, and other big producers including Russian Federation have played a role in reversing the plunge in crude prices that started in 2014.

India and China, two of the world's largest importers of oil and the second and third-largest consumers of the fossil fuel, are working on buyer's forum to seek better bargains from the cartel of oil exporting counties, Opec.

Saudi Arabia is mulling different scenarios to raise production over the coming months by between 500,000 barrels a day and 1 million barrels a day. "While oil demand in the US, China and India shows some upside potential, downside risks might limit this potential going forward, including a slowdown in the pace of economic growth in some major economies, stronger impact of policy reform with regard to retail prices, and further substitution toward natural gas".

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. The ministers are gathering on June 20 as they debate an exit plan for the 2016 production cut deal, one of the key factors for pushing up oil prices.

Trump drew lots of tweeted responses, including one from oil hedge fund founder Pierre Andurand, who expects prices will be above $150 a barrel in less than two years.

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