Oil prices fell Sunday after the Organization of the Petroleum Exporting Countries and its allies announced Saturday they will increase oil production by a larger-than-expected amount in August, as part of a continuing effort to reclaim market share by lowering prices.

The eight OPEC+ nations on Saturday agreed to increase their crude oil production by 548,000 barrels per day starting in August.

Oil prices slipped 1% at the start of trading on Monday after OPEC+ accelerated output hikes and raised concerns about oversupply.