Crude oil opened down 5% on Monday, and it is reported that OPEC + will continue to accelerate production increases

On May 5th, sources said that OPEC + is preparing to increase oil production rapidly until October, and may gradually cancel the voluntary production cut of 2.20 million barrels per day by November if the production reduction situation of member countries does not improve. This follows OPEC +'s unexpected increase in production in April at a faster-than-expected pace. This strategy is reportedly led by Saudi Arabia to punish member countries that do not meet their quotas. The new production plan for June was agreed over the weekend, pushing the total increase in production from April to June to nearly 1 million barrels per day. Another 41.1 barrels per day increase is expected to be approved in July, and further increases are also likely in October. On the news, WTI crude oil fell rapidly to 5% in early trading on Monday, while Brent crude oil fell 4.5%. Giovanni Staunovo, an analyst at UBS, warned: "As long as the crude oil export situation does not show an improvement in compliance within OPEC +, the market will be negative about this news."