What viscosity oil are you using ?
This is from Volvo Manual
Possible reasons
• Too low engine oil level.
• Blocked oil filter.
• Engine oil contaminated or too thin (low viscosity)
• Faulty sensor.
• Faulty pressure reduction valve.
• Blocked oil suction pipe.
• Worn oil pump. Faulty pressure relief valve in the oil pump.
Solutions
1 Check the oil level in the engine. Be sure not to overfill the engine.
2 Check that no oil leakage occurs.
3 Check that the oil filter is not blocked by changing the oil filter. Change the oil.
Be sure not to overfill the engine.
4 Check the oil pressure with a manometer to verify the function of the sensor. Please, refer to “Lubrication system, Workshop manual Grp 20-26” where to connect the manometer.
5 Replace the pressure reduction valve located after the oil cooler. Please, refer to “Lubrication system, Workshop manual Grp 20-26”.
6 Check that the oil suction pipe isn’t blocked. Replace the oil pump. Please, refer to “Lubrication system, Workshop manual Grp 20-26”.
Step 4 - A pressure gauge can be installed where the oil sending unit is installed. The removal of the oil pressure sending unit is required. To remove the sending unit and sending unit adapter the dip stick needs to be removed first. You will have to match the threads of the sending unit adapter to a fitting that a gauge can be threaded into. Oil pressure ranges should be:
At start up 80psi
700 rpm after warmed up 51 to 65 psi
2000 rpm 65 to 80 psi
4000 rpm 80 psi to 94 psi
All pressures are with the oil temperature at normal running temperature
Step 5 -- Requires removing the oil cooler to get to the relief valve. The oil cooler unfortunately is in a tight spot on the oil pan starboard side. Removal of the after cooler will help gain access. I doubt it is the receive valve!
Hopefully it's a sending unit or wrong viscosity oil. Good luck troubleshooting. I would Check the oil filter installation. Replace with another one. Did this issue start after oil change? Oil viscosity needs to be 15W 40