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.

OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and U.

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.