Oil ministers from the V8 group, consisting of key OPEC+ members such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, have announced a decision to increase oil production by 137,000 barrels per day starting next month. The move aims to gain a larger market share amid ongoing concerns about global oversupply and weakening demand.

Oil prices may drop further as major OPEC+ members approve production increase to boost market share

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