OPEC+ dropped a "bombshell"! Agreed to continue accelerating production increase in June, and Crude Oil Product futures fell sharply in early trading!

① OPEC+ member countries agreed on Saturday local time to increase oil supply by 0.411 million barrels per day in June, marking the second consecutive month of accelerating supply recovery following significant production increases in May; ② This decision aims to punish member countries that violate quotas and exceed production, such as Kazakhstan and Iraq, and caters to the wishes of US President Trump, who hopes to see lower oil prices.

cls.cn07:33

A 16% drop in oil prices does not change the ambition to expand production! Occidental Petroleum giants firmly oppose OPEC+'s plan to increase production.

Despite the 16% drop in international oil prices in April and the possibility of OPEC+ further increasing production, major Western oil producers are still committed to their production growth plans.

Zhitong FinanceMay 3 09:21

Saudi Arabia claims it has the ability to maintain long-term low oil prices, with international oil prices dropping by 3.79%.

Five sources familiar with the negotiation situation told Reuters that Saudi Arabian officials have recently informed allies and Industry experts that Saudi Arabia has the capacity to maintain long-term low oil prices.

wallstreetcnMay 1 00:04

Update: WTI Oil Falls With Supply on the Rise as U.S. Tariff Battles Slow Demand

MT NewswiresApr 30 02:38

Commodity Prices Set to Tumble as Tariffs Slow Global Economy, World Bank Forecasts

WSJApr 29 21:30

Under the impact of the trade war, oil prices have plummeted, and Canadian drillers are turning to Henry Hub Natural Gas.

Due to the tensions in Global trade and OPEC+ exceeding expectations for production increases, Crude Oil Product prices have been severely impacted, leading drilling companies in the Canadian energy hub of Alberta to shift their focus towards Henry Hub Natural Gas.

Zhitong FinanceApr 28 21:29