OPEC+ agreed to raise oil production by 547,000 barrels per day for September to regain market share and address supply concerns linked to Russia. This marks a full reversal of output cuts plus a separate increase for the UAE. Pressure from the U.S. on India to stop Russian oil purchases was noted. Oil prices remain high at around $70 a barrel, supported by seasonal demand. OPEC+ countries are set to meet again in September to discuss potentially reinstating more output cuts. The group had previously curtailed production to support prices but is now focused on regaining market share.

Read more at Yahoo Finance: OPEC+ makes another large oil output hike in market share push