The eight OPEC+ nations on Saturday agreed to increase their crude oil production by 548,000 barrels per day starting in August.

Goldman Sachs said it expects a group of eight OPEC+ members to lift oil production quotas by 550,000 barrels per day in September, which would complete the unwinding of 2.2 million bpd of voluntary cuts,

Oil markets have largely ignored the overtly aggressive production policy of OPEC+, with geopolitical fears keeping Brent hovering around $70.