A group of countries that are part of the oil cartel OPEC+ have agreed to boost oil production, which some believe could lower oil and gasoline prices.

ASTANA – Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, will increase oil production by a combined 547,000 barrels per day in September, citing stable global economic conditions and healthy market fundamentals.

OPEC+ members have agreed to a second consecutive production increase this year, effectively ending voluntary cuts on production.