The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.

Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase.

If this drags OPEC+ oil producers and their competitors toward a full-blown glut, as is likely, another tussle for market share at low prices beckons.