[v8volvo]

Is that a droplet of black oil hanging on the bottom of the water pump? Or is it something else? It's fuzzy to see.

If there is lots of oil coming out around the big aluminum housing on the bottom front of the engine, but no oil above there, then it could be the gasket for that aluminum front cover (which is actually the oil pump housing).

But it looks like it's running down from above. Are you 100% certain it is not the valve cover gasket. Do you have the single piece rubber type gasket, or the 4 piece cork and rubber set? Are all the valve cover nuts snug, especially the ones at the front?

It could be leaking from the corners of the valve cover gasket where it makes a sharp transition to go up and over the front cam bearing cap. That is also the location where different pieces of the 4-piece gasket set meet each other, if that is what you have, and they are especially prone to leaks there.

It would also be good to remove the upper timing belt cover and make sure the timing belt is not soaked with oil. That may give you a better view of some of the areas in question too.