In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 1/2 to 3/4 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation.

Therefore, OPEC has raised its supply to Asia, and Russia has also re-routed a great chunk of its rising production toward China and the Asia-Pacific over the past decade. Russia surpassed Saudi Arabia as China's biggest supplier last year, exporting 1.05 million bpd of crude versus Saudi Arabia's 1.02 million.

Royal Dutch Shell’s fourth quarter 2016 CCS earnings attributable to shareholders were $1.0 billion compared with $1.8 billion for the same quarter a year ago. Full year 2016 CCS earnings attributable to shareholders were $3.5 billion compared with $3.8 billion in 2015.

Brent crude LCOc1 was up 25 cents at $55.83 a barrel at 0954 GMT, having traded in a narrow 53-cent range so far in the session. U.S. crude CLc1 rose 26 cents to $53.07.

Exxon Mobil Corporation today announced estimated 2016 earnings of $7.8 billion, or $1.88 per diluted share. An asset recoverability review was completed in the fourth quarter and resulted in a U.S. Upstream asset impairment charge of about $2 billion mainly related to dry gas operations with undeveloped acreage in the Rocky Mountains region of the U.S. Excluding the impairment charge, full year earnings were $9.9 billion compared with $16.2 billion a year earlier, reflecting lower commodity prices and refining margins.

Brent crude oil LCOc1 was down 20 cents a barrel at $55.03 by 0900 GMT. U.S. light crude CLc1 was down 30 cents a barrel at $52.33.

Shell has agreed to sell a package of UK North Sea assets to Chrysaor for a total of up to $3.8bn, including an initial consideration of $3.0bn and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future discoveries.

Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), for the sale of subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited, which together hold a 22.222% equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48, for USD 900 million.

Over the past year we have had substantial dialogue with our secured lenders to amend and extend c.USD8 billion in first lien secured debt. During the second half of last year, we began to engage with potential new money investors, including Hemen Holdings Ltd. In December 2016, we formally engaged with an ad hoc committee of bondholders, and agreed that by January 31 2017 we would release through a 6k filing agreed material non-public information disclosed to the ad hoc committee of bondholders, including the Company's latest restructuring proposal and the last proposal that the Company has received from the ad hoc committee.

London Brent crude for March delivery had dropped 28 cents to $55.24 a barrel by 0657 GMT, after settling down 72 cents on Friday. NYMEX crude for March delivery was down 23 cents at $52.90 a barrel.

Despite a drive by the European Union to diversify gas supplies and reduce its reliance on Russian imports, Gazprom increased its market share in Europe to 34 percent last year from 31 percent in 2015, posing a challenge to policymakers.

OPEC’s biggest crude producer is embarking on a domestic renewable-energy program costing $30 billion to $50 billion. The country’s only solar plant in operation, aside from a limited pilot project, is a 10-megawatt facility on top of a parking lot at Saudi Aramco’s headquarters. The national utility, Saudi Electricity Co., is seeking bids for two solar plants to generate a combined 100 megawatts.

Real GDP increased 1.6 percent in 2016 (that is, from the 2015 annual level to the 2016 annual level), compared with an increase of 2.6 percent in 2015.

“Today’s action to reapply for the Keystone XL Pipeline’s cross-border permit is an important step forward to building a 21st Century energy infrastructure system across our nation,” said Gerard. “The Keystone XL Pipeline would support tens of thousands of jobs, contribute billions of dollars to our economy, and deliver energy efficiently and safely to consumers.

Chevron's full-year 2016 results were a loss of $497 million ($0.27 per share – diluted) compared with earnings of $4.6 billion ($2.45 per share – diluted) in 2015.