Mingyou Night Watch: Near 107000-106500, looking towards 108000-109000

Mingyou Night Watch: Near 2420-2400, looking towards 2470-2500

OPEC+ is prepared to significantly increase production again in August

On June 27, according to foreign media reports, OPEC+ will consider extending its massive production increase plan at next month's meeting, with Saudi Arabia leading the effort to regain market share. Eight major OPEC+ member countries have increased production by 411,000 barrels per day each month over the past three months. Several representatives stated that these countries are ready to consider further production increases in August at the meeting on July 6. Despite weak demand and ample supply, Saudi Arabia continues to guide OPEC+ to accelerate its planned production recovery, this unexpected reversal caused oil prices to briefly fall to a four-year low in April.