Bloomberg Iran approved a new oil contract model, taking the OPEC nation a step closer to welcoming foreign investment in its energy industry and boosting production even more into an oversupplied market. The contract model was approved at a cabinet meeting Wednesday, according to the official Islamic Republic News Agency. Priority will be given to boosting output at jointly …

  Bloomberg Transnational Corp. of Nigeria Plc suspended plans to build one of the nation’s biggest power plants as a local gas shortage makes it difficult to obtain fuel and a downturn in Africa’s largest economy hinders efforts to raise funds for the project. The company in 2014 said it would raise $1 billion to build a 1,000-megawatt gas-fired facility. …

  Bloomberg Oil traded near $41 a barrel after U.S. gasoline supplies fell the most since April, retreating from the highest seasonal level in at least two decades. Futures were little changed in New York after advancing as much as 1.4 percent earlier. Prices climbed 3.3 percent on Wednesday, the most in three weeks. Inventories of the motor fuel slid …