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.

Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians — together nicknamed the Voluntary Eight (V8) — currently produce about 41-42 million barrels a day, so the increase is about 1.5 percent.