Bloomberg Global oil output will exceed demand until late 2017, the head of the International Energy Agency said before major producing nations gather for talks. “We don’t see the oil market re-balancing until late 2017” provided there’s no “major intervention,” IEA Executive Director Fatih Birol said Tuesday in an interview with Bloomberg Television in Algiers. The Paris-based agency is …

  Bloomberg Oil extended declines as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day, damping expectations for OPEC to reach a deal to stabilize markets when the group meets on Wednesday in Algiers. Futures fell as much as 1.7 percent in New York. Prices rebounded 3.3 percent …

  Reuters Egypt will hire SGS SA, a Geneva-based inspection service, to review wheat cargoes, a move that may ease trader concerns about the country’s frequently changing import standards. SGS will examine imported wheat at origin and arrival ports, Hamed Abdel-Dayem, a spokesman for the Agriculture Ministry, said by phone on Tuesday. Typically, the inspections have been carried out by …