OPEC+ agreed on Saturday to raise production by 548,000 barrels per day (bpd) in August, further accelerating output increases at its first meeting since oil prices jumped — and then retreated — following Israeli and US attacks on Iran.

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