Key members of the OPEC+ oil cartel announced a greater-than-expected increase to production quotas on Sunday following US and Israeli strikes on Iran that triggered retaliation by Tehran across the Middle East. The eight-strong V8 (Voluntary Eight) group in the alliance, which includes top oil producers Saudi Arabia and Russia -- as well as several Gulf states bearing the brunt of Tehran's missile strikes -- said they had agreed a "production adjustment" of 206,000 barrels per day (bpd).