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Oil Prices Surge After OPEC+ Surprise Output Cuts

  • #Russia
  • #Ukraine
  • #Saudi Arabia
  • #Burkina Faso
  • #Bahrain
  • #Manufacturing
  • #Prices
  • #Oil & gasoline
  • #Iraq
  • #United Arab Emirates
  • #Headlines
  • #World
  • #United States of America
  • #Iran
  • #Fossil fuel
  • #Economic conditions & trends
  • #Environment/energy
  • #Finance
  • #China
story
APR 2023
Image copyright: Reuters [via Al Jazeera]
story last updated APR 2023

The Spin

Pro-establishment narrative

The surprise cuts by OPEC+ are ill-advised, as the decision comes just as markets and inflation are recovering. Tensions between the US and Saudi Arabia have been strained since last year when the kingdom refused to pump more. US-Saudi relations will only deteriorate further so long as OPEC+ continues this trend.

Bloomberg

Establishment-critical narrative

Saudi Arabia was looking to offer the US a 500K barrel-per-day deal, but Washington said no. The problem here is simple, and it all lies at the feet of the US government. If America doesn't want to drill its oil in the name of transitioning to green energy, then it shouldn't be mad when OPEC+ does the same thing.

Forbes

Establishment split

CRITICAL

PRO

Global Oil Prices Surge After OPEC Announces Production Cut
ForbesAUG 2023
Surprise Oil Production Cuts Risk 'Exacerbating' Inflation Pressures And Harsher Fed Policy, Experts Warn
ForbesAUG 2023
The banking crisis hammered crude oil prices so much that OPEC stepped in with a shock 1 million-barrel-a-day production cut
Business InsiderAUG 2023
Oil prices surge 5% after OPEC’s surprise output cut; analysts warn of $100 per barrel
NBCAUG 2023
Oil prices soar after OPEC+ announces production cuts
CBSAUG 2023
Saudi Arabia’s Oil Production Cuts Reflect Cost of Reshaping Economy
Wall Street JournalAUG 2023
Dow Futures Inch Up as Oil Prices Jump
Wall Street JournalAUG 2023
OPEC Surprise Oil Cut Underscores Biden’s Missed Opportunity To Refill Strategic Reserves
ForbesAUG 2023
Oil Prices Jump, Signaling a ‘Proactive, Pre-emptive’ OPEC
New York TimesAUG 2023
Oil price surges after surprise Opec+ production cut
GuardianAUG 2023
Oil prices surge after OPEC’s surprise output cuts
Al JazeeraAUG 2023
Saudi Arabia-led oil cartel OPEC+ just slashed its crude output – and that's stoked inflation fears. Here's what you need to know.
Business InsiderAUG 2023
Biden doubles down on green energy as OPEC cuts production, prices soar
FOX NewsAUG 2023
U.S. and Saudi Arabia on Collision Course Over Oil Cuts
NewsweekAUG 2023
By reducing oil production, Opec is only helping Russia
Spectator (UK)AUG 2023
Oil prices spike 6% after OPEC's unexpected supply cut
Business InsiderAUG 2023
Surging oil prices could again frustrate inflation fight
Washington PostAUG 2023
Ruble falls to nearly one-year low vs dollar
RTAUG 2023
More countries may join oil production cut – Moscow
RTAUG 2023
French minister ‘slapped in face’ after backing Russia sanctions – party leader
RTAUG 2023
Oil Prices Jump as Saudi-Led Group Plans Output Cuts
Wall Street JournalAUG 2023
Oil Prices Surge Following Saudi Surprise
Daily CallerAUG 2023
Oil prices spike 8% as OPEC+ cut stokes US inflation fears
New York PostAUG 2023

More neutral establishment stance articles

Marketmind: Crude cut complicates Q2
One AmericaAUG 2023
Oil producers' cuts could boost gasoline prices, help Russia
IndependentAUG 2023
Here's Why Biden's Energy Crisis Just Got Even Worse
TownhallAUG 2023