Oil prices declined on Monday following an agreement by OPEC+ to implement a fresh production increase in September.

Brent crude futures fell by 40 cents, or 0.57%, to $69.27 per barrel by 01:15 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped 37 cents, or 0.55%, to $66.96 per barrel.

On Sunday, eight member countries of the Organization of the Petroleum Exporting Countries (OPEC) and their allies—collectively known as OPEC+—agreed to raise oil output by 547,000 barrels per day for September. This marks the latest in a series of accelerated production hikes aimed at regaining market share.

Analysts say the move reflects OPEC+’s strategy to respond to growing global demand while balancing price stability.