Headline RoundupJune 5th, 2023

Oil Prices Rise After Saudi Arabia Cuts Production

Summary from the AllSides News Team

Oil prices rose after Saudi Arabia said it would cut oil production by 1 million barrels per day. 

The Details: Oil prices rose about 1.5% Monday morning. OPEC+ leaders reportedly clashed on Sunday over how to respond to slowing global energy demand. While the group decided to extend its previously-planned oil cuts to 2024, Saudi Arabia said it would voluntarily cut its production to about 9 million barrels per day starting in July.

For Context: WTI, the U.S. crude oil benchmark, fell to less than $68 per barrel by the end of May — almost half its $122 peak in June 2022. Analysts have attributed low oil prices to falling energy demand, spurred by a global manufacturing slowdown and falling consumer demand. Since last year, economists have predicted at least a mild global recession sometime in 2023.

How the Media Covered It: While many major sources on the left and center covered the story, coverage was sparse among outlets on the right. Some headlines differed in emphasizing Saudi Arabia’s effort to boost oil prices or OPEC’s internal controversy over production quotas. Covering the Sunday OPEC+ meeting, Fox Business (Lean Right bias) framed the global oil cartel as dismissing criticism from President Joe Biden. 

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