V8 nations aim to boost oil output by 0.5m barrels

The Voluntary Eight (V8) — Saudi Arabia, the UAE, Oman, Kuwait, Iraq, Kazakhstan, Algeria and Russia — announced on Sunday they would increase oil production by 547,000 barrels a day in a move that analysts say aims to regain market share amid resilient crude prices. As currently they produce about 41 to 42 million barrels a day, the increase would be about 1.5 per cent, though analysts believe with the Brent reference oil currently selling at about $70 a barrel, there is unlikely to be a major impact on prices. “The eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025 from August 2025 required production level,” said a statement released after a meeting where the hike was agreed upon.