<ul data-eligibleForWebStory="false"><li>OPEC+ to increase oil production more rapidly than expected next month.</li><li>Recent strategy pivot by OPEC+ to reclaim market share weighed on oil prices.</li><li>Group accelerated supply increases to capitalize on strong summer demand.</li><li>Plans to potentially add 548,000 barrels a day in September, unwinding output cuts.</li><li>Market expected to be oversupplied later in the year; prices likely to drop.</li></ul>

OPEC+ Will Boost Supply Even Faster With Larger August Hike

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