The eight members have agreed to increase production by 548,000 b/d in August, up from a 411,000 b/d increase in July.

Crude oil futures were lower following OPEC+’s announcement to quicken supply hikes. Goldman Sachs said the cartel could unveil a 550,000 barrel-a-day increase for September.

Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty ...