OPEC+ plans to further accelerate oil output hikes and possibly unwind 2.2 million barrel per day of voluntary cuts through October 2025 if members of the group don't improve compliance with their production quotas,

The group agreed to raise output in June, a sign that Saudi Arabia and its allies appear to be weary of cutting output and may be trying to appease President Trump, who has pushed for lower prices.

OPEC+ shocked the market earlier this month with plans to ramp up crude output, leading oil prices to post their worst monthly performance in years. Now the group of oil producers might add even more barrels.