Bloomberg Iran will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the Persian Gulf nation, people with knowledge of the matter said. National Iranian Oil Co. will cut the credit period on crude oil sales to 60 days from 90 days for …

  Bloomberg Source Energy Services Ltd., Canada’s largest distributor of fracking sand, is seeking to raise C$175 million ($130 million) in an initial public offering, reviving the deal after it was postponed last month as oil prices fell, according to people familiar with the sale. The Calgary-based company plans to sell the shares at C$10.50 apiece, down from the previous …

  Bloomberg The scent of doom is returning to China’s local government bond market. S&P Global Ratings pulled the trigger on the first ever downgrade of a Chinese local-government financing vehicle, citing the city in eastern Jiangsu province’s high debt burden. Traders and analysts are uneasy as well, with 18 of 29 polled in a Bloomberg News survey saying they’d …