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OPEC and its partners will need to provide an average of 43.45 million barrels a day in the second half of this year, considerably more than the 42.4 million they pumped in August.

A flurry of bets on Brent crude falling below $60 a barrel this year changed hands recently, a sign investors are hedging against the risk of another large production hike from OPEC and its allies.

The extra barrels have so far only put modest downward pressure on crude prices, but threaten to unleash a major surplus in the coming months, according to the International Energy Agency.

The move could lower oil and gasoline prices amid low oil inventories, and follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August.

Oil prices slumped as OPEC+ ramped up production.

Phillips 66 is maximizing diesel production to take advantage of strong demand and would consider investing in projects that give its refineries the flexibility to make more of the fuel.

U.S. stockpiles of diesel products have dropped to the lowest for the time of year since 1996, while in Europe benchmark futures are signaling a tight market.

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

OPEC+ is discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.

OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey.