OPEC and allied producers — notably Russia — are coalescing around a plan to deepen their joint crude oil production restrictions by 500,000 barrels per day, according to multiple reports from Vienna, where the OPEC+ group is currently gathered.

Why it matters: The emerging agreement signals how petro-states are grappling with how to prop up prices amid rising supplies from the U.S. and elsewhere, and sluggish global demand that's hampered by trade battles.

Where it stands: Per Reuters and the Financial Times, the plan would add 500,000 barrels per day to the current 1.2 million barrel daily restriction that runs through March of next year.

  • However, the FT reports that the final agreement from the meeting, which concludes Friday, could be substantially deeper.

The intrigue: The Houston Chronicle notes that the top-line numbers don't capture the whole story of the status of the three-year-old production-limiting arrangement.

  • They report that the likely agreement "essentially translates to Saudi Arabia remaining below its previous production allowance, while requiring better compliance from perpetual quota violators" including Iraq, Nigeria and Russia.
  • "In practice, a 500,000-barrel cutback might equal about a 100,000-barrel reduction from current output levels," they report.

Go deeper: OPEC's moment of decision on oil production cuts

Go deeper

Updated 33 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 11,304,534 — Total deaths: 531,659 — Total recoveries — 6,111,195Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 2,841,124 — Total deaths: 129,689 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineNew Jersey gov. wants national face mask requirement
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
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Sports return stalked by coronavirus

Tampa Bay Rays left fielder Austin Meadows bumps elbows Friday during a workout at Tropicana Field. Photo: Kim Klement/USA Today Sports via Reuters

When MLB teams arrived at the ballpark this weekend for the first summer workouts of 2020, the comforting sounds of baseball brought smiles to players' faces.

Between the lines: Even the loudest crack of the bat couldn't mask the eerie silence or distract from the ever-present coronavirus threat.

3 hours ago - Health

239 scientists call on WHO to recognize coronavirus as airborne

People walk at the boardwalk in Venice Beach. Photo: Apu Gomes/AFP via Getty Images

A group of 239 scientists in 32 countries is calling for the World Health Organization to revise its recommendations to account for airborne transmission as a significant factor in how the coronavirus spreads, the New York Times reports.

The big picture: The WHO has said the virus mainly spreads via large respiratory droplets that fall to the ground once they've been discharged in coughs and sneezes. But the scientists say evidence shows the virus can spread from smaller particles that linger in air indoors.