OPEC+ Agrees To Boost Oil Production as Gas Prices Remain High Worldwide

OPEC+ announced Thursday that it had agreed to increase oil output by over 50% in July and August, from 400,000 to 648,000 barrels per day. 

The change could potentially help ease global oil prices — which surged after the European Union’s recent partial embargo on Russian crude oil — and it could relax fears of a looming “1970s-style energy crisis.” OPEC+, the international oil cartel that includes Saudi Arabia, Russia, Venezuela and Nigeria, had previously refused to raise production as sanctions on Russia caused historically high global oil prices. The group reportedly considered excluding Russia from production increases, but ultimately decided against such a move against one of its partners. Rising demand in Shanghai, China reportedly helped push OPEC+ to raise production. 

The announcement was made ahead of an expected Middle East visit by President Joe Biden. White House press secretary Karine Jean-Pierre welcomed the announcement, saying, “We recognize the role of Saudi Arabia as the chair of OPEC+ and its largest producer in achieving this consensus amongst the group members.”

Coverage was widespread and mostly balanced across the spectrum. Along with left-rated outlets like CBS News (Lean Left bias), Fox News (Right bias) — the dominant news source for the right — did not appear to cover the story online by Thursday afternoon.