According to the previous production cut agreement reached by "OPEC+", the scale of production cuts from May to June was 9.7 million barrels, and the scale of production cuts from July to the end of the year dropped to 7.7 million barrels per day.

crude oil market welcomes another positive news, and the historic production cut agreement of "OPEC+" will be extended by one month.

OPEC and non-OPEC oil-producing countries agreed to extend the current average daily crude oil production cut of 9.7 million barrels until the end of July. According to the previous production cut agreement reached by "OPEC+", the scale of production cuts from May to June was 9.7 million barrels, and the scale of production cuts from July to the end of the year dropped to 7.7 million barrels per day.

The global economy restarted and production cuts pushed oil prices all the way up. WTI crude oil rose more than 80% in May, the largest single-month increase in history; Brent Oil rose 40% that month, the largest monthly increase since 1999. Currently, both WTI and Brent Oil have exceeded US$40, the first time since March 6.

Saudi Arabia also raised its crude oil export pricing in July, the largest in at least 20 years. Industry insiders said this will further consolidate Saudi Arabia's strategy to boost the crude oil market, and also show that it shakes hands with Russia.

"OPEC+" reached an agreement! Historic crude oil production cuts will be extended to July. Click on the video to see what it is!