Eight producers, led by Saudi Arabia, will continue boosting production despite forecasts that supply will soon exceed demand.

OPEC+ members have agreed to a second consecutive production increase this year, effectively ending voluntary cuts on production.

OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.