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.

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.

The Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said that it has agreed to raise oil output by 548,000 barrels a day in August on Saturday. The announcement came after the group’s first meeting since the Iran-Israel conflict in June and the U.