Eight OPEC+ oil producers agreed on Saturday to boost their combined crude output by 548,000 barrels per day, moving forward with the gradual rollback of voluntary supply cuts.

The group—made up of Russia, Saudi Arabia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the United Arab Emirates—met virtually earlier in the day. The hike exceeded initial expectations of a 411,000 barrels per day increase.

The OPEC Secretariat said the eight countries decided to raise August production by 548,000 barrels per day due to “a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories.”

The producers have been applying two layers of voluntary output cuts outside the main OPEC+ framework.

One of these cuts, totaling 1.66 million barrels per day, will remain in effect until the end of 2025.

Under a second strategy, the countries implemented an additional production cut of 2.2 million barrels per day through the end of the first quarter.

They had planned to gradually restore output by 137,000 barrels per day each month until September 2026, but maintained that pace only in April.

In May, June, and July, they tripled the monthly increase to 411,000 barrels per day—and are now accelerating further with a larger hike in August.