OPEC+ unexpectedly announced production cuts, and crude oil prices jumped immediately. This news has undoubtedly had a significant impact on the market. First, let’s look at the data. According to the latest figures released by OPEC, OPEC+ member countries plan to cut production by about 640,000 barrels per day in July and August—an action that exceeds market expectations. At the same time, the U.S. Energy Information Administration (EIA) shows that U.S. crude inventories have fallen for four consecutive weeks, with current stock levels about 20% lower than the same period last year. In addition, global inflation continues to rise, especially with the U.S. June CPI growing by 9.1% year over year, the highest level in 40 years, which further supports higher crude oil prices. From the perspective of ETF inflows, over the past month, global crude oil ETFs attracted $2.5 billion in inflows, indicating investors’ optimism about the crude oil market. Moreover, based on on-chain cryptocurrency data, some institutional investors quickly increased their holdings of crypto assets related to crude oil after the production-cut announcement, which may reflect institutions’ positive outlook on the crude oil market. Based on the data above, we can draw the following conclusions: 1. OPEC+ production cuts exceeded expectations, tightening crude oil supply in the short term and pushing crude oil prices higher. 2. Global inflationary pressure is intensifying, and crude oil, as

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