In the early hours of April 10th, crude oil with long-term depressed prices ushered in a shock! 

OPEC + meeting reached preliminary production reduction agreement, the price of crude oil rose first and then fell. 

According to CCTV news, the OPEC + meeting hosted by Saudi Arabia ended in the early hours of April 10th, Beijing time. According to reports from many local media in Saudi Arabia, the meeting has reached a preliminary intention to reduce production. The production reduction agreement is valid for two years, and subsequent production reduction plans will be gradually implemented. 

The first phase will reduce production by 10 million barrels / day for two months from May 1, 2020; reduce production by 8 million barrels / day from July 2020 to December; reduce production by 6 million barrels / day from January 2021 to April 2022.

This is the largest production reduction agreement since OPEC was founded. The OPEC + mechanism is composed of Saudi Arabia-led Organization of Petroleum Exporting Countries (OPEC) and Russia and other non-OPEC oil-producing countries, but the United States, the world ’s largest oil producer, has not participated in this mechanism.