In an effort to further lower gas prices this year, eight members of the OPEC+ alliance of oil exporting nations have announced plans to increase output by 548,000 barrels per day in August.
The decision was taken at a virtual meeting on Saturday by the group, which includes Russia and Saudi Arabia. They mentioned low oil inventories and a stable outlook for the world economy.
During the 12-day, brutal confrontation between Israel and Iran last month, oil prices rose substantially before plummeting once more as the United States aided in negotiating a peace agreement after bombing three of Iran’s most important nuclear installations.
Russia is the main non-OPEC member in the 22-nation alliance, and Saudi Arabia is the major member of the OPEC producers cartel, giving it considerable power in OPEC+.
The group that convened on Saturday includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
In retaliation for the European Union’s ban on the sale of comparable Chinese goods, China announced on Sunday that European medical equipment manufacturers would not be allowed to sell to the Chinese government.
The Finance Ministry announced the limitations on Sunday, stating that European companies will not be allowed to participate if their procurement budget exceeds 45 million yuan ($6.28 million). European businesses that have made investments in China and produce goods there will not be affected by the change.
China levied anti-dumping taxes on European brandy, particularly French-made cognac, on Friday. China and the EU have numerous trade conflicts spanning a variety of industries, despite the fact that the taxes on brandy include a number of exclusions for significant brandy producers.
