Eight OPEC countries raise production by 547,000 bpd

US President Donald Trump with Rep Mike Conaway (R-TX) and farmers and ranchers from across the country in the Oval Office at the White House May 23, 2019 in Washington, DC. [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.