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.

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.