Ticker: OPEC+ to boost oil production; China bans EU medical devices

Eight members of the OPEC alliance of oil exporting countries say they will boost production by barrels per day in August in a move that could further reduce gas prices this year The group that includes Saudi Arabia and Russia made the decision at a virtual meeting Saturday They cited a steady global economic outlook and low oil inventories Oil prices spiked sharply last month during the bloody -day conflict between Israel and Iran but then tumbled back down as the U S helped broker a peace deal after dropping bombs on three of Iran s key nuclear sites Saudi Arabia holds key influence in OPEC as the dominant member of the OPEC producers cartel and Russia is the leading non-OPEC member in the -country alliance Along with Saudi Arabia and Russia the group that met Saturday is made up of Iraq the United Arab Emirates Kuwait Kazakhstan Algeria and Oman China bans EU biological devices China noted Sunday that European diagnostic device companies will be barred from selling to the Chinese leadership as a countermeasure for the European Union s restrictions on the sale of similar products from China European companies will be excluded if the budget for procurement is above million yuan million according to a notice from the Finance Ministry on Sunday with the restrictions in place the same day The move will not apply to European companies that have invested in China and that manufacture goods in the country China on Friday imposed anti-dumping duties on European brandy majority notably cognac produced in France While the duties on brandy include several exceptions for major brandy producers China and the EU have multiple pact disputes across a range of industries