Saudi Arabia, Russia and six other key members of the OPEC+ alliance are expected to agree to further hike oil production in a virtual meeting Sunday, as the group continues to seek greater market share.
Analysts predict a slight output hike when the group of eight oil-producing countries known as the “Voluntary Eight” (V8) holds its online meeting.
Since April, the V8 group — comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — has boosted production by around 2.7 million barrels per day (bpd) in total.
Emily Ashford, an
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