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.

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?

OPEC+ has surprised markets with a sharp output increase, citing strong demand and low inventories, and plans to fully unwind its production cuts by September.