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.

An eight-nation subset of the oil-producing OPEC+ alliance agreed to lift production by a larger-than-expected 548,000 barrels per day in August. The group comprises heavyweight producers Russia and Saudi Arabia,

By Alex Lawler, Maha El Dahan, Olesya Astakhova and Ahmad Ghaddar LONDON (Reuters) -OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and U.