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International Business Times
International Business Times
Business

Eight OPEC+ Countries Raise Production By 547,000 Bpd

OPEC Oil Jorge Leon Russia Saudi Arabia United States
OPEC headquarters in Vienna -- analysts say the latest production increase is unlikely to raise oil prices (Credit: AFP)

Saudi Arabia, Russia and six key members of the OPEC+ alliance said Sunday they will increase production by 547,000 barrels a day in a move which analysts say aims to regain market share amid resilient crude prices.

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.

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