The world's largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) produced less crude oil in May than its laid out plans. According to the data published by OPEC, the cartel increased its production output by 154,

With Iran's crude exports so far unaffected, the OPEC secretary-general said OPEC doesn't need to take any immediate action.