Oil Updates — Crude drops; Qatar Airways pushes oil firms to produce low-cost sustainable fuel

Oil Updates — Crude drops; Qatar Airways pushes oil firms to produce low-cost sustainable fuel

RIYADH: Oil fell on Monday as concerns over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from new supply cuts taking effect this month by the Organization of Petroleum Exporting Countries and its allies, known as OPEC+.

The Fed, which meets from May 2 to 3, is expected to increase interest rates by another 25 basis points, Reuters reported.

Brent crude fell $1.55, or 1.93 percent, to $78.78 a barrel at 12:00 p.m. Saudi time, while US West Texas Intermediate crude lost $1.56, or 2.03 percent, to trade at $75.22.

The CEO of Qatar Airways said on Monday that the airline is “fighting with oil companies” to produce sustainable aviation fuel in order to bring prices down.

“We are fighting with oil companies to create the economies of scale to produce SAF in big volumes to bring the price down,” Akbar Al-Baker said at a press conference, adding that the airline would like to use it, or at least blend SAF with aviation fuel.

Libya’s National Oil Corp. will resume pumping natural gas from Brega to the Libyan city of Al-Khums at a capacity of 100 million cubic feet per day after a 12-year