Energy Update

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HANOI, Jan 19 (Reuters) - A consortium of Saudi Arabia's ACWA Power and South Korea's Taekwang Power Holdings has signed a $2.2 billion thermal power plant investment agreement with Vietnam, ACWA Power said on Tuesday.

* Wants looser monetary policy, but urges fiscal discipline (Writes through, wraps stories on China, monetary policy, budget))

A re-evaluation of biomass for electricity generation appears a certainty, and the evolution of sustainability criteria is likely to retard market growth.

* Projects to be deferred, contract jobs could be affected (Adds details on business review, analyst comment)

From diesel and gasoline to propane and jet fuel, various US refined oil products are less than $1/gal, prices unseen since Pluto was still a planet, as Matthew Kohlman explains.

BEIJING, Jan 19 (Reuters) - CNOOC Ltd aims to cut oil and gas production in 2016, the Chinese state-controlled company said on Tuesday, as global oil prices plumb 12-year lows.

HANOI, Jan 19 (Reuters) - Vietnam has cut retail fuel prices for the second time this month on Tuesday as international crude oil prices have plunged to their lowest in 12 years.

* China 2015 natural gas output grows only 2.9 pct vs.

WASHINGTON, Jan 19 (Reuters) - The International Monetary Fund on Tuesday cut its global growth forecasts for the third time in less than a year, citing a sharp slowdown in China trade and weak commodity prices that are hammering Brazil and other emerging markets.

Jan 19 (Reuters) - Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016, the International Energy Agency said in its monthly report on Tuesday.

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