Paris / AFP A pact by leading producers to cut output could quickly begin sopping up the glut on the oil market that has weighed on prices, the IEA said on Tuesday as it also hiked its demand forecast. The agreements, if implemented, would “hasten the market’s return to balance by working off the inventory overhang,” said the International Energy …

  Bloomberg Saudi Arabia has hired consultants to advise on plans to create top global companies in industries from petrochemicals to telecommunications as it seeks to bolster its economy and reputation, according to people with knowledge of the matter. The kingdom has identified about five companies — including Saudi Arabian Oil Co., Saudi Basic Industries Corp. and Saudi Telecom Co. …

  Tehran / AFP Iran’s President Hassan Rouhani on Tuesday ordered the country’s scientists to start work on nuclear-powered ships in response to the expected renewal of sanctions by the United States. In letters read out on state television, Rouhani criticised the US move as a breach of last year’s nuclear accord and told Iran’s Atomic Energy Organisation to start work …