No Power Stearing, fluid is good, belts are fine. Small squeeking from pulley area.

It could just be belt noise or it could be from a worn bearing in one of the pulleys.
If you like you can buy a can of belt grip from an auto store. Just spray the fluid onto a damp cloth and wipe it over the belt surfaces as well as you can whilst the belt is on the car and let it dry. If the noise goes away or substantially changes you will know it is the belt that is the noise source.

If the serpentine belt has not been replaced for years, replace it with a quality part and re-check for noise. While it is off you can spin some of the pulleys and see if you can find a noisy one. If you do then it needs to be replaced before it seizes. If the bad pulley is on the belt tensioner unit then you should replace the entire tensioner unit.

check whether you have a loose steering belt. Open the bonnet and go by the belts side and check the tension of the steering belt which is very easy to check as it is the one fitted closer to the radiator front .If it is loose then tight it by using a 12mm ring spanner and loose the nut of the tensioner which is lower of the power steering pulley in front of the timing belt cover and by using a T-10 tool turn the bolt which is behind the tensioner and easy to see,until the belt is tight.After do so remember to tight the nut of the tensioner and start the car.

You most likely have a leak. You shouldn't ever have to add power steering fluid. It is best to get it checked out and repaired while the leak is small. If you wait, the leak will get worse and the oil gets dumped on hoses, belts, wiring harnesses, computer sensors, etc. and can cause severe damage to all of these items, as well as rubber engine mounts and suspension parts. To properly maintain your vehicle, NO fluid leak should EVER be "tolerated". Fluid leaks (of all types) are the leading cause of sending cars to the scrap yard way before their time.

It sounds like one of your pulleys may be having bearing issues, one way to check this is to go to the parts store and buy some "belt dressing" it is a spray that stops belt squeak. Find a safe spot where you can spray the belt while its moving and only spray the belt. If the belt stops squeaking its just a squeaky belt. If it keeps squeaking then you may have one of your pulleys going bad.

Sometimes pulleys will squeak too if they are just not very lubricated. If the belt dressing works you are good to go, if it doesn't work, go ahead and give the belt area a good spray down avoiding your electrical components. Thanks.

Without the belt do all the pulleys turn easy. Power steering, water pump, alternator, and tensioner pulley. There is probably only one way the belt will stay on but make sure you have the smooth side to the smooth pulley and the grooved side to the grooved pulleys. See if any of the pulleys have and wiggle in them.

With the Engine Running and belt rotating: Spray Belt Dressing (available at most auto parts / general merchandise stores) onto the Belt. Does the "whinning" noise go away? If so replace the Belt.
Turn off the Engine.
If the Belt Dressing does not stop the whinning: Check the Power Fluid Level. Add Power Steering Fluid - if necessary.
With the Engine Off: Remove the Serpentine Belt.
Click on the following free Link for the Belt Diagram and Directions on how to remove the Belt. Go to the left (counterclockwise) to relieve pressure off the Belt and remove the Belt.
http://www.2carpros.com/car_repair_information/year/2000/make/volvo/model/v40/2000_volvo_v40_drive_belt_routing_diagram.htm

After removing the Belt:
Go to the side and look at the alignment of all the Pulleys. All Pulleys should be aligned with each other. No Pulley should be canted/leaning.
Using your hand: turn the Power Steering Pump Pulley. The turning should be smooth and without effort. If there is any resistance or squeeking at anytime while turning, then the bearings in the Pump are going-out, and the Pump should be replaced.
While the Belt is off: check the remainder of the "free" Pulleys. Do Not turn the Crankshaft Pulley (you shouldn't be able to - by hand).

Let me know if this helped, or if you have additional information or questions. Feel Free to contact me at FixYa.com!

Gonna take a gander at a guess, and say a power stearing pump. Are you losing power brakes at the same time? If so, probably a serpentine belt. Or a loose pulley (bearing) in there. If only power stearing, check the power stearing fluid first.

Keith,it sounds like you may need to clean the grooved surfaces on your pulleys,you could remove the belt and use some aerosol brake cleaner and a stiff brush to remove any build-up on the pulleys.you could also try spraying the same on the pulleys while the car is running,just be sure and wear eye protection and don't get to close to any moving parts.

If changing the belts didn't stop the problem, it may be a pulley that is making the squeak, not the belts. When belts age, they tend to form a glaze on the contact surface, which can cause slippage, or squeak, or squeal, also if engine fluids get on the belt due to leaks or spillage, it can cause a problem. If you feel it's definitely the belt(s) making the noise, check the belt tensioner for wear. There is usually an indicator (stamped on the tensioner) that shows if it is in need of replacement. If that's the case, it would not keep the belt(s) tight, and could cause them to slip and squeal. Let me know what you find, or if you have further questions. Curt

your serpentine drive belt could be slipping over your power steering pump. Sounds like a premature failure from your pump. This is not an easy fix depending on the location of the pump itself. Remove your serpentine belt, locate the pump and pulley. Try to spin the pulley by hand. If there is alot of tension, your pump may need replacing. If not, try replacing the belt and check your belt tensioner for looseness.

If you need further help, I’m available over the phone at https://www.6ya.com/expert/david_62314e5b2470e8b5