OPEC+ is determined to hold up the price of crude oil market (June 6)

June 6th, according to the analysis of market participants, in the face of macro downward pressure, OPEC+ is more determined to support the price of crude oil market, especially Saudi Arabia’s separate additional production cut of 1 million barrels per day in July. Recently, U.S. President Biden signed the federal government’s debt ceiling and budget bill, temporarily avoiding the U.S. government’s debt default. In addition, in May, the seasonally adjusted non-agricultural employment population in the United States was 339,000, which was expected to be 190,000, and the previous value was 253,000, the largest increase since January 2023, and the job market remains strong. OPEC+ plans ahead to deal with the macro and demand downside risks faced by the crude oil market, and oil prices will regain support. At the same time, US inflation data and the 14th Federal Reserve resolution still need to be followed up further.