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

Eight OPEC+ producers agreed to lift crude output by 548,000 barrels per day in August, exceeding the anticipated 411,000 barrels per day rate.

Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group's meeting on Saturday, the Russian government said in a statement.