OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November, five OPEC+ sources said as the group's leader Saudi Arabia seeks to punish some fellow members for producing above quotas.

OPEC+ agreed on another output surge in June, accelerating a revival of supply for a second month as the group’s leaders seek to chastise overproducing members in a strategy shift that has already sent crude prices plunging.

OPEC+ has agreed to accelerate the pace of oil production growth for the second month in a row. In June, production will increase by 411,000 barrels per day, despite falling prices and expectations of lower demand,