Another tussle for oil market share at low prices beckons, after OPEC+ producers announced a higher than expected crude production hike that may cause a supply glut.

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.

The Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said that it has agreed to raise oil output by 548,000 barrels a day in August on Saturday. The announcement came after the group’s first meeting since the Iran-Israel conflict in June and the U.