OPEC+ agreed on another bumper oil production increase for September, completing its current tranche of supply revival one year early as the group moves to reclaim its share of global crude markets.

OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.

Eight OPEC+ countries meeting on Sunday have agreed to raise oil output in September by 548,000 barrels per day, three OPEC+ sources said while the meeting was under way. The group will hold its next meeting on September 7,