Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group's meeting on Saturday, the Russian government said in a statement.

An eight-nation subset of the oil-producing OPEC+ alliance agreed to lift production by a larger-than-expected 548,000 barrels per day in August. The group comprises heavyweight producers Russia and Saudi Arabia,

Oil futures slipped slightly in thin holiday trading on Friday evening, as the market looked ahead to this weekend's OPEC+ meeting and the likelihood that member countries will decide to raise output.