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.

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

Eight OPEC+ members will likely approve another oil output hike on Sunday, sources said, with the group still debating the final size of the increase for September amid fears of further supply disruptions from Russia and a seasonal slowdown in demand.