The Economy Starts Again And The Oil Price Takes Off. Please Fasten Your Seat Belt In May.

In May, many countries "gradually" restarted the economy, like the United States, Italy, France, Britain, Malaysia, Germany and other countries and regions, and pressed the economic restart. OPEC+ will also reduce crude oil production by 9 million 700 thousand barrels per day from 5 to June, and stimulate the news of gradual economic restart and crude oil production reduction, and international oil prices will soar on the 5 th.

In May, many countries "gradually" restarted the economy.

Some parts of the United States plan to withdraw the epidemic restrictions starting in May 15th. The first phase will start in the construction, manufacturing and retail sectors, and will finally restart the school and entertainment industry.

Italy officially entered the second stage of epidemic prevention in May 4th, and gradually resumed social production and business activities.

France plans to open stores and markets after May 11th.

Britain will announce a detailed plan for the adjustment of the new crown pneumonia epidemic prevention and control measures, which involves detailed guidelines for resuming work and resuming production. It is widely expected that the British economy will be restarted in late 5.

Malaysia decided to relax restrictions and gradually restart economic and social activities.

Germany has recently decided to extend its social restrictive measures to at least May 3rd, and has been open for business since April 20th.

India has decided to extend the national blockade to May 17th, but the restrictive measures in the relatively mild epidemic area have been greatly relaxed.

In May, OPEC and other oil producing countries continued to cut production.

According to the agreement, OPEC+ will reduce crude oil by 9 million 700 thousand barrels per day from 5 to June.

Norway oil, the largest oil producer in Western Europe, will cut oil production in 6-12 months in 2020.

The Kuwait Oil Company (KPC) has informed its customers to reduce the supply of crude oil contracts for -12 months in July by 22%, in line with the OPEC+ production reduction agreement.

Oman's oil and gas Department said on Thursday that Oman had informed its long-term customers of their crude oil that they would cut their quota for crude oil in July by about 30%.

Several oil producing countries say they will cut production, and there are signs that the increase in US crude oil inventories is not as fast as many feared. This has made oil markets one of the most volatile months in history.

International oil prices soared on the 5 day, thanks to the news of the gradual restart of the economy and the reduction of crude oil production. As of the end of the day, the New York Mercantile Exchange's June light crude oil futures price rose 4.17 US dollars, closing at 24.56 US dollars per barrel, or 20.45%. Brent crude oil futures for July delivery rose 3.77 US dollars to close at $30.97 a barrel, or 13.86%.

A good news to boost market sentiment is that Pfizer, a pharmaceutical company, has announced that the vaccine against the new crown pneumonia virus has entered the human trial stage. Pfizer said it was working with BioNTech, a German pharmaceutical manufacturer, and the first batch of American volunteers had been vaccinated.

May is about to take off. Please fasten your seat belt.