A subgroup of eight OPEC+ producers agreed on 5 July to raise their collective crude-oil output target by about 548,000 barrels a day in August, delegates said, topping the 411,000-barrel increase that had been scheduled for the month. Saudi Arabia and Russia led the decision, joined by the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan and Oman. The countries cited a steady global economic outlook and low inventories for accelerating the unwinding of the 2.2 million-barrel-a-day voluntary cuts introduced in 2023. The latest move returns nearly four-fifths of those barrels to the market and signals a renewed focus on market share. Oil prices eased on the supply news. Brent futures slipped 0.7% to $67.83 a barrel, while U.S. West Texas Intermediate fell 1.4% to $66.05 in early Monday trading, as traders weighed the extra barrels against lingering demand and tariff uncertainties. According to delegates, the alliance is likely to endorse a further increase of roughly 550,000 barrels a day for September at its next online meeting on 3 August, a step that would complete the rollback of the voluntary curbs and accommodate a 300,000-barrel rise in the United Arab Emirates’ production quota.