The crude oil market has experienced substantial fluctuations recently. COVID-19 is the most fundamental factor affecting the recent trend of crude oil prices, and this factor has not been effectively controlled. The crude oil market is sluggish and demand recovery is limited. Supply factors have been the main driver of the recent rebound in oil prices. Saudi Arabia has cut crude oil production and the rise in crude oil prices is based on Saudi self-sacrifice. The market balance achieved on this basis is very unstable. Therefore, the increase of oil prices for a period of time in the future needs to be further supported by supply-side measures. Then OPEC and its allies will face several questions: First, can the original planned production cut of 9.7 million barrels in May and June 2020 be extended by one month, and second, at what target level should crude oil prices be maintained. At the same time, there are various long-term and short-term uncertainties in the oil market, and turbulence in the oil market may continue for some time to come.
