According to foreign media reports, due to the continued slump in crude oil, Saudi Aramco, the largest oil company in Saudi Arabia, has planned to start cutting production before the target date of May 1, and will achieve its production target of 8.5 million barrels per day ahead of schedule.

Additionally, Kuwait, Algeria and Nigeria have all said they plan to cut production ahead of the May 1 start date. Iraqi Oil Minister Gaban said that once the deal is implemented, oil prices will rise. Gaban expects oil prices to rise to $50 a barrel by the end of the year. He expects Iraq's oil revenue in 2020 to fall by 50% year-on-year.

Some raw material prices rise：

Recently, the crude oil at the source of the petrochemical industry chain has continued to fluctuate, and the chemical industry chain has also experienced shocks. The early production cut is not so much to increase the confidence of the market, but more directly to increase the cost of some chemical products, which naturally affects the price of chemical raw materials.

The crude oil industry chain is very long and covers a wide range. It can not only produce intermediate products such as aromatic hydrocarbons, benzene, propylene, and ethylene, but also para-butadiene, ethylene oxide, propylene alcohol, isopropyl alcohol, polypropylene, ethylbenzene, para- Subsequent products such as the xylene industry chain play an indirect role in promoting, and are closely related to industries such as liquefied gas, medicine, plastic glass, clothing textiles, film coatings and other industries that are closely related to people, so they are widely concerned by the public.