OPEC+ agreed to increase oil production by 137,000 barrels a day in October, aiming to regain market share at the expense of prices. The move is part of a strategy to unwind production cuts ahead of schedule, with 1.65 million barrels per day set to return based on market conditions. Saudi Arabia leads the group, with RBC Capital Markets noting a “modest” increase in line with a slow-roll strategy. U.S. benchmark oil prices fell over 3% last week in anticipation of the decision. Despite a 14% decrease in oil prices this year, they have remained above $60 a barrel.

Read more at Yahoo Finance: OPEC+ agrees to another oil production boost in October