Oil markets have largely ignored the overtly aggressive production policy of OPEC+, with geopolitical fears keeping Brent hovering around $70.

Goldman Sachs said it expects a group of eight OPEC+ members to lift oil production quotas by 550,000 barrels per day in September, which would complete the unwinding of 2.2 million bpd of voluntary cuts,

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