Tencent Securities News According to a Bloomberg report, people familiar with the matter revealed that the Organization of Petroleum Exporting Countries (OPEC) member countries are discussing a compromise agreement that would allow crude oil production quotas to be increased by 300,000 to 600,000 barrels per day in the next few months.

People familiar with the matter said that although Iran expressed opposition to expanding current quotas on Sunday, officials from some other member countries are optimistic that a relatively moderate agreement to increase production can be reached at this week's meeting in Vienna. Since the content of the discussion was not made public, people familiar with the matter requested anonymity.

As of 09:46 London time, Brent crude oil erased its decline and once rose by $0.85 to $74.29 per barrel. If the above agreement to increase production is passed, the increase in production will be less than the 1.5 million b/d proposed by Russia.

OPEC officials are also working to perpetuate the organization's cooperation with Russia and other oil producers, that is, the so-called OPEC+, which currently includes 24 countries. For Saudi Arabia and Russia, after two years of oil policy cooperation, this will be a major diplomatic breakthrough.

The prospect of closer ties between OPEC and Russia may help persuade Iran and Venezuela to support increased production in the second half of this year. Venezuela is also skeptical about the need to increase production. Russia is the second-largest exporter of crude oil after Saudi Arabia.

On the eve of OPEC and its allies meeting in Vienna this week, several countries proposed plans to increase production, but in the face of this meeting, which is bound to be difficult, no consensus seems to have been reached.