Fuel subsidy reforms by Gulf states will help reduce pressure on budgets but are not enough to offset deficits resulting from low oil prices, ratings agency Moody's said.

Savings from increased fuel prices in the six Gulf nations will average 0.5 percent of gross domestic product (GDP) -- around $7 billion -- this year against an estimated deficit of 12.4 percent of GDP, it said.

Boeing said Wednesday it has won a commitment from China's Okay Airways to buy 12 aircraft from the 737 family in a deal worth $1.3 billion.

The deal is subject to the approval of the Chinese government and will be posted on Boeing's list of orders once the green light is given, the U.S. aircraft maker said at the Singapore Airshow.

Crude prices recovered in Asia Wednesday ahead of a meeting between the Iranian and Iraqi oil ministers following a Saudi Arabia-Russia agreement to freeze output.

At around 0600 GMT, US benchmark West Texas Intermediate for March delivery was 10 cents, or 0.34 percent, higher at $29.14 a barrel.

The EU unveiled Tuesday plans to vet energy contracts that member states sign with countries outside the bloc as it seeks to cut dependence on Russian gas.

The European Commission, the executive of the 28-nation bloc, proposed changes so it can review such agreements before they are signed to see if they comply with EU rules.

Iran intends to maintain its oil market share but said Tuesday "there is room for discussion" on output, announcing talks with Iraq and Venezuela within 24 hours in Tehran.

Oil Minister Bijan Zanganeh's comments avoided a specific reaction to reports that Saudi Arabia and Russia have agreed to freeze production -- on condition that other major oil states do the same.

France's telecom giant Orange Tuesday reported a near tripling of net profits in 2015 as it pursues efforts to take over smaller rival Bouygues Telecom.

Net profits came in at 2.65 billion euros ($2.95 billion) despite sales slipping back 0.1 percent to 40.24 billion euros in line with average estimates, financial director Ramon Fernandez said, welcoming a "stabilising of margins."

Eight years after the financial crisis, the world is coming to grips with an unpleasant realization: serious weaknesses still plague the global economy, and emergency help may not be on the way.

Sinking stock prices, flat inflation, and the bizarre phenomenon of negative interest rates have coupled with a downturn in emerging markets to raise worries that the economy is being stalked by threats that central banks — the saviors during the crisis — may struggle to cope with.

Oil crept higher Tuesday on news that Saudi Arabia, Venezuela, Qatar and non-OPEC member Russia have agreed to freeze their crude production at January levels.

In late morning London deals, Brent North Sea crude for delivery in April advanced 50 cents to $33.89 per barrel.

Top global producers Saudi Arabia and Russia agreed Tuesday to freeze oil output in a bid to shore up prices after a 70 percent drop due to chronic oversupply.

Saudi Oil Minister Ali al-Naimi said the move -- which is conditional on other major producers joining in -- was designed to stabilize the market following the dramatic price fall since mid-2014.

Ukraine on Monday banned the transit of Russian trucks across its territory in a tit-for-tat response to an escalating trade war between the feuding ex-Soviet states.

The measure follows a halt to all flights between the neighbors and an effective Russian freeze on Ukrainian imports that have hit the cash-strapped country's industrial exports especially hard.