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

Oil prices fell slightly on Thursday as investors worried that U.S. tariffs could slow energy demand ahead of an expected supply boost by major crude producers.