Two questions stand out after the decision by OPEC+ to accelerate increases in crude oil output: who is going to buy the extra crude, and will the group actually export the additional barrels they say they are going to produce?

Crude oil prices declined after OPEC agreed to raise production by 548,000 barrels per day in August. Oil prices also came under pressure as US officials flagged a delay on tariffs but failed to provide details on the change.

Oil crept higher as Saudi Arabia surprised customers in Asia by hiking prices for its main crude grade, signaling a vote of confidence that the market can absorb extra OPEC barrels.