2019 witnessed the lowest increase in global oil supply over a decade amid the continued implementation of production cut agreement between OPEC and non-OPEC countries，US sanctions against Iran and Venezuela，and the intensification of geopolitical turmoil in major oil producers. Light and heavy crude resources show a structural imbalance in 2019，also US surpassed Saudi Arabia and Russia to become the world’s largest crude oil producer. Meanwhile，the frequent occurrence of “black swan” events around the world had a huge impact on oil supply. Looking ahead to 2020，affected by the COVID-19 pandemic，global oil demand has shrunk dramatically，and the oil market has changed from a tight supply in the previous year to a severe oversupply. OPEC and non-OPEC countries have reached a record reduction agreement after a short term price war. Although it is still difficult to change the current situation of severe oversupply in short term，it is of great significance for the rebalancing of the oil market in the medium and long term. At the same time，facing severe bottlenecks of global logistics and storage，oil producers including US，Canada，and Brazil gradually cut oil production. The shale oil industry is experiencing the greatest challenge and toughest moment in recent years.