Fear Will Abate
Fear of producers cheating on the current production quota's still in effect caused oil prices to decline today.
The fear will be short lived for a number of reasons. Shale producers are not ramping up production but rather useing capital to square up their books and give back to investors, new production takes time to turn back on, declining capital expenditures as producers aim to reduce output to meet Paris accord goals, rising demand outstripping supply as economies return to normal with COVID vaccinations kicking in. Here is a good summary from Reuters published about an hour ago:
https://www.reuters.com/world/middle-east/oil-steadies-after-tumble-market-awaits-opec-clarity-2021-07-07/