

Oil Prices Rise On Saudi Cuts & 'Barbie' Movie Global Pink Shortage
10 snips Jun 5, 2023
Saudi Arabia’s major cut of 1 million barrels of oil daily raises questions about summer gas prices and global oil dynamics. Meanwhile, the 'Barbie' movie's overwhelming use of pink actually triggered a shortage of pink paint worldwide! The podcast also dives into the competitive film landscape, highlighting the buzz around blockbusters like 'Oppenheimer.' Plus, amateur sports shine with Newtown Pride's victory in a million-dollar soccer tournament. Tune in for insights into Hollywood deals and upcoming entertainment!
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Saudi Arabia's Oil Cut
- Saudi Arabia's unilateral oil cut aims to stabilize prices, impacting gas prices and global markets.
- This move reveals a potential weakness in OPEC's unified front and the overall oil market.
US Response to OPEC Cuts
- OPEC's previous oil cuts, particularly the one in April, drew criticism from the US.
- The White House believed Russia aimed to maximize profits for the Ukrainian war effort.
Saudi Arabia's Spending
- Saudi Arabia needs oil prices at $80/barrel to fund initiatives like the Neom megacity.
- They are also investing in sports, paying exorbitant sums to golfers and soccer stars like Ronaldo and Benzema.