Oil cartel OPEC has "not much credit" left as some members are turning it into "a tool for the U.S.," a senior Iranian official said.

"Saudi Arabia and the UAE are turning OPEC into a tool for the U.S. and consequently the organization has not much credit left," Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.

U.S. President Donald Trump has decided to impose tariffs on $200 billion in Chinese imports and could make the announcement in the coming days, US media reported.

Canada is working on a project for reform of the World Trade Organization (WTO) and aims to organize international talks on the subject next month, Canadian sources said Friday as US pressure on the body mounts.

Global oil output hit a record of 100 million barrels per day in August, but the market may tighten and prices rise as exports from Iran and Venezuela decline, the International Energy Agency said Thursday.

Brexit minister Dominic Raab issued a fresh warning Thursday that Britain would not pay the financial settlement promised to the EU after Brexit if there is no divorce deal.

President Recep Tayyip Erdogan on Thursday ordered by decree that property agreements must be made in Turkish lira, in a new bid to prop up the beleaguered currency.

The Turkish central bank is expected to lift interest rates on Thursday to combat the plunge in value of the lira and rampant inflation, with markets seeing the magnitude of the hike as a critical test of the bank's credibility.

The majority of American companies in China say they are hurting from the escalating US-China trade spat, reporting increased costs, lower profits and stepped-up scrutiny, a survey showed Thursday.

President Donald Trump's trade wars have many U.S. businesses on edge, prompting some to delay or cut back on planned investments, the Federal Reserve reported Wednesday.

President Recep Tayyip Erdogan on Wednesday appointed himself the chairman of Turkey's sovereign wealth fund and named his son-in-law and Finance Minister Berat Albayrak as deputy chairman.