OPEC + will gradually increase production from May to July

On April 1, the oil policy discussed at the ministerial meeting of the organization of Petroleum Exporting Countries and its allies (OPEC +) was implemented, and the international oil price rose sharply. The OPEC + meeting finally decided to gradually increase production in the next three months. Although it broke the expectation of no production increase, the scale of production increase was small, and Saudi Arabia's additional production reduction of 1 million barrels was also a gradual exit. In addition, it is generally expected that the rapid recovery of the US economy and the epidemic situation in Europe will only have a temporary impact, and the oil price will rebound sharply.