Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations.

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.

Oil prices receded in early trading on Monday after members of the Opec+ producer group on Saturday agreed to a larger than had been expected supply increase amid concerns over demand.