The action of the Organization of Petroleum Exporting Countries on Thursday was expected by the market, but some oil market investors had hoped that oil-producing countries would agree to extend production cuts for a longer time or increase the scale of production cuts to consume the global excess crude oil supply.

Robert YawGEr, head of Mizuho Americas Energy Futures, said that the market had hoped to increase the scale of production reduction by 500,000 barrels per day. Recently, the market has risen, so once the oil price starts to fall, there are very few buyers who enter the market to support the futures price.

James williams, president of WTRG Economics, believes that this production reduction is not enough for the Organization of Petroleum Exporting Countries to achieve its goal within nine months, and today's trend reflects this.

Saudi Energy Minister Farih said that members of the Organization of Petroleum Exporting Countries do not think it is necessary to further increase the scale of production reduction.

Michael Cohen, head of energy research at Barclays Bank, said that the market expected the meeting of the Organization of Petroleum Exporting Countries to have icing on the cake, such as further increasing production cuts or restricting crude oil exports. Once this expectation fails, oil prices are likely to plummet today. However, with the decline of crude oil inventories, we are still optimistic about oil prices in the next few months.

Saudi Energy Minister Farih said at the press conference after the meeting that he was not worried about the one-day fluctuations in the market. Before the closed meeting of oil-producing countries, Falih said that according to the current production reduction efforts, it is a very safe and most likely choice to extend the production reduction time by nine months.