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.

The eight OPEC+ nations on Saturday agreed to increase their crude oil production by 548,000 barrels per day starting in August.

Eight OPEC+ producers agreed to lift crude output by 548,000 barrels per day in August, exceeding the anticipated 411,000 barrels per day rate.