Pakistan, Aug. 4 -- Eight major oil-producing countries in the OPEC+ alliance, including Saudi Arabia and Russia, have announced an increase in oil production by 547,000 barrels per day starting September 2025. This decision is aimed at regaining market share as global oil prices remain stable around $70 per barrel. Other countries joining this move include Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman - collectively known as the "Voluntary Eight" (V8).

Although this rise in output marks a 1.5% increase from their current combined production of 41 to 42 million barrels per day, analysts believe it will not have a major impact on global oil prices. The V8 countries began gradually increasing output in April and say this decision reflec...