Behind OPEC+'s plan to ramp up oil output and punish over-producing allies, group leaders Saudi Arabia and Russia are pushing a second objective: taking on U.S. shale production to win back market share from the United States.

Crude oil prices (CL=F, BZ=F) slip on Thursday after OPEC+ considers another production hike by 411,000 additional barrels per day in July, according to Bloomberg reports. Yahoo Finance senior markets reporter Ines Ferré summarizes the current supply and demand concerns in oil markets.