01172017Tue
Last update: Tue, 17 Jan 2017 07am

Fuel and Energy: World

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Oil prices settled up on Monday, as Saudi Arabia's commitments to reducing production offset a report forecasting US output would again rise this year. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan. 1 in an attempt to clear a global oversupply that has depressed prices for more than two years.
China's crude oil imports jumped to a record high in December as refiners stepped up purchases ahead of a possible Opec deal to cut supply and bolster prices, and as more independent refiners won import permits.
Saudi Arabia is set to launch a renewable energy programme worth up to $50 billion, as the world's largest oil exporter vies to diversify its economy, its energy minister said Monday. "This is the first time we talk about the specific programme," minister Khaled al-Falih told the World Future Energy Summit in Abu Dhabi.
US natural gas futures on Friday edged up before the US Martin Luther King Jr. Day holiday on Monday on forecasts calling for colder weather and higher heating demand in late January and February.
Qatar has said it will "swiftly" pay $12 million to the Palestinian Authority to solve crippling electricity shortages in Gaza, state media in the Gulf state reported. Qatar's Emir, Sheikh Tamim bin Hamad Al-Thani, made the pledge after meeting senior Hamas official Ismail Haniyeh in Doha on Sunday.
OPEC's Secretary-General has confidence in the commitment of oil producers who agreed to an output cut deal last month to ease a global glut that has depressed crude prices and hurt exporting countries' revenues.
Libya's oil production has dropped to 655,000 barrels a day due to difficulties including a lack of storage capacity and poor weather, the head of the National Oil Corporation said on Saturday.