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.

The price of oil was stable on Monday despite a larger-than-expected increase in production by the Organization of the Petroleum Exporting Countries and its allies. Seasonal demand and doubts about the actual increase in output explain the muted reaction.

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?