NEW YORK — A group of countries that are part of the OPEC+ alliance of oil-exporting countries agreed Sunday to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories.

The group met virtually and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September.

The countries boosting output — Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — were participating in voluntary production cuts, initially made in November 2023, that were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule.

When production increases, oil and gasoline prices may fa

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