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.

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.

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