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 increase, which the group said was a response to “a steady global economic outlook,” was higher than some analysts expected and could lead to lower oil prices.

Oil prices receded in early trading on Monday after members of the Opec+ producer group on Saturday agreed to a larger than had been expected supply increase amid concerns over demand.