Bloomberg, citing OPEC+ representatives, reported that seven major countries in the alliance, led by Saudi Arabia and Russia, have reached a preliminary agreement to increase production quotas for oil in a limited way in August. According to the report, if the decision is approved at Sunday’s video conference meeting, the production quota for these countries will increase by 188,000 barrels per day. The increase is part of the process of restoring prior production cuts, and brings the total quota increases since the start of the war to 940,000 barrels per day. The decision comes as a temporary U.S.-Islamic Republic agreement has helped gradual resumption of exports from the Persian Gulf. At the same time, a drop in oil prices to around $72 is exposing OPEC+ to the risk of excess supply and competition over market share.