James Thew/Adobe Stock
China has come in ahead of schedule on its target of cutting 45 million metric tons of steel capacity in 2016, reaching the goal before the end of October, the country’s state economic planner said on Friday.
China also hoped to achieve its 2016 goal of cutting 250 mmt of coal capacity before the year-end, Li Pumin, general secretary of the National Development and Reform Commission (NDRC), told a news briefing.
Oil Surplus Poised to Continue in 2017
The oil market surplus may run into a third year in 2017 without an output cut from the Organization of Oil Exporting Countries, while escalating production from exporters around the globe could lead to relentless supply growth, the International Energy Agency said on Thursday.
In its monthly oil market report, the group said global supply rose by 800,000 barrels per day in October to 97.8 million bpd, led by record OPEC output and rising production from non-OPEC members such as Russia, Brazil, Canada and Kazakhstan.