LONDON, Oct. 5 -- Saudi Arabia, Russia and six other key OPEC+ members - collectively known as the "Voluntary Eight" (V8) - are expected to agree on a crude output increase when they meet virtually on Sunday, as falling prices and global oversupply pressure producers to adjust their strategy.

Oil prices have plunged to below $65 a barrel, marking an eight percent decline over the week amid speculation that the V8 may raise production by up to 500,000 barrels per day (bpd).

The meeting comes after the Organization of the Petroleum Exporting Countries (OPEC) dismissed reports of a massive output surge as "wholly inaccurate and misleading," urging the media to avoid fuelling market speculation.

Initial projections had indicated a modest 1...