They decided to hike production to 548,000 barrels per day, a statement following a meeting in Vienna said. Analysts had expected the alliance to decide on another output increase of 411,000 barrels per day (bpd) -- the same target approved for May,

The OPEC+ group of oil-producing nations on Saturday agreed to boost their collective crude production capacity by 548K barrels per day for August, extending four consecutive daily increases over the past four months.