The shares of Australian oil producers retreated in trading on Monday following a fall in oil prices after the eight Organization of the Petroleum Exporting Countries Plus (OPEC+) countries announced an acceleration in production hikes

Shares of Woodside Energy Group Ltd (ASX:WDS) fell almost 1%, while those of Santos (ASX:STO) inched down 0.3%.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman met on July 5 and agreed to implement a production hike of 548,000 barrels of oil per day in August from July required production level. They had agreed to monthly increases of 411,000 barrels of oil per day for May, June, and July.

Brent crude oil futures fell 1.2%, to $67.50 per barrel early on Monday, while West Texas Intermediate crude oil futures fell 2% to $65.68 per barrel.