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 Organization of the Petroleum Exporting Countries and its allies agreed to boost output again next month by larger than expected, raising concerns about a potential oversupply.

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.