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.

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

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.