COVID-19 has caused an unprecedented downturn in global oil market demand, and international crude oil prices became negative for the first time on April 20. Saudi Arabia made a decision to cut production, and market expectations changed, and crude oil prices rose steadily. But the balance of the international crude oil market based on additional cuts in Saudi production is not sustainable. Fortunately, OPEC member states agreed to raise the production reduction targets, and Saudi Arabia was able to breathe. However, the current international crude oil market expects more production cuts to achieve stability, but the current supply-side situation is not optimistic. On the one hand, the "OPEC+" production reduction agreement lacks constraints. On the other hand, Libya announced the country’s largest El-Sharara oil field will soon be reopened. In addition, North American production, which is not constrained by OPEC+, also has great variability. There are too many variables in the world oil market, and the future trend of the oil market is still unknown.
