In a show of confidence in the market, the group, led by Saudi Arabia, said it would begin unwinding a further set of agreed cuts.

OPEC+ has agreed to further raise oil production from October as its leader, Saudi Arabia, pushes to regain market share.

Opec has in recent years implemented several output cuts amounting to a total of almost six million barrels per day.

In a show of confidence in the market, the group, led by Saudi Arabia, said it would begin unwinding a further set of agreed cuts.