Regional News

  TEHRAN/ AP Iran’s nuclear chief says it will have 60 percent more stockpiled uranium than it did prior to the landmark 2015 agreement with world powers after a shipment expected later this week. Ali Akbar Salehi was quoted by the semi-official Fars news agency on Sunday as saying that Iran will receive a final batch of 149 tons of …

  CAIRO / AP Egypt’s Central Bank says that the country’s foreign reserves have reached $26.4 billion in January, up from $23 billion in November. The bank announced the increase in a brief statement posted online Monday. The rise comes after the government secured a $12 billion loan from the International Monetary Fund. In order to qualify for that loan, …

  Bloomberg OPEC cut output by 840,000 barrels a day last month, but has more work to do to fully comply with last year’s historic production deal. The Organization of Petroleum Exporting Countries pumped 32.3 million barrels a day in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. The 10 members of the group …

  Bloomberg The oil industry’s struggle through the worst slump in a generation showed signs of easing, with Royal Dutch Shell Plc managing to reduce its record debt for the first time since the downturn began. Rising oil prices and billions in cost cuts allowed Europe’s largest energy company and fellow giant Exxon Mobil Corp. to generate enough cash to …

Bloomberg The exchange that’s home to Brent crude futures hired a consultant to discuss with traders, banks and other market participants measures to revamp how North Sea oil prices are calculated. Intercontinental Exchange Inc. (ICE) hired Energex Partners, founded by former Morgan Stanley oil traders, to discuss potential changes to the multi-layered North Sea market that includes both physical and …

  ANKARA / Reuters Turkey’s growth will be below potential in 2016 and this year, the International Monetary Fund said, citing political uncertainty, strained relations with Europe and insecurity at home and in the region. The IMF said growth in 2016 would be 2.7 percent, below the government’s official 3.2 percent forecast, rising to just 2.9 percent in 2017, below …

  Bloomberg Axeon Specialty Products LLC is shuttering the US largest asphalt refinery when the country might need it the most. The Stamford, Connecticut-based company announced last month it plans to close its Paulsboro, New Jersey, refinery, and convert it into a terminal. The planned shutdown comes as President Donald Trump has pledged to build new roads, highways and bridges …

  Bloomberg Vivint Solar Inc. is getting back to its roots. This time last year, the Blackstone Group LP-backed rooftop solar installer was trying to close its proposed acquisition by SunEdison Inc., then the world’s largest clean-energy company. Now, 11 months after that deal fell apart, it’s again partnering with sister company Vivint Smart Home. Chief Executive Officer David Bywater …

  Reuters Increased refinery maintenance in Asia and the Middle East is expected to boost profits for operators in other regions in the first half of this year, market watchers said on Wednesday. Refineries worldwide ran hard during the past two years to capitalise on low oil prices, with Chinese refineries processing a record amount of crude in 2016, meaning …

  Bloomberg Iraq’s decision not to reciprocate for US President Donald Trump’s visa ban on citizens of seven mostly Muslim countries offers some reassurance for US oil companies working in OPEC’s second-biggest crude producer. US companies working in Iraq include Exxon Mobil Corp. and oil-service providers Schlumberger Ltd., Halliburton Co. and Baker Hughes Inc. Most expatriates in Iraq work on …