Energy Update

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LONDON, May 12 (Reuters) - BHP Billiton said on Tuesday it would slash its iron ore production cost further and cut spending to better withstand a downturn in commodity prices that is testing even mining industry heavyweights.

UNITED NATIONS, May 12 (Reuters) - The International Criminal Court can investigate alleged crimes by Islamic State militants in Libya, but it is first up to individual states to prosecute their citizens accused of offences, The Hague-based court's prosecutor said on Tuesday.

WASHINGTON, April 1 (Reuters) - For a leader who has made fighting climate change a priority, President Barack Obama's decision to approve Royal Dutch Shell's return to oil and gas exploration off Alaska was seen by many environmentalists as a contradiction.<

CALGARY, Alberta, May 12 (Reuters) - Rachel Notley, premier-elect of the Canadian province of Alberta, the largest source of U.S. oil imports, said on Tuesday her newly elected government intends to hold its promised review of royalty rates for oil and gas producers in its current term.

WASHINGTON, May 12 (Reuters) - The U.S. Commodity Futures Trading Commission on Tuesday unanimously adopted a final interpretation of derivatives known as forward contracts with embedded volumetric optionality, after concerns were raised by market participants.

MEXICO CITY, May 12 (Reuters) - The next round of contracts in Mexico's opening of its oil and natural gas industry should bring in about $620 million in investment in the first five years, Energy Minister Pedro Joaquin Coldwell said on Tuesday.

PIKEVILLE, Kentucky, May 12 (Reuters) - The United States has released $35.5 million to help communities hit hard by the decline in coal mining to diversify their economies and retrain displaced miners, U.S. Labor Secretary Thomas Perez said on Monday.

NEW YORK, May 12 (Reuters) - The U.S. government on Tuesday lowered its 2015 and 2016 crude oil production growth forecasts amid lower prices and fewer active drilling rigs.

LONDON, May 12 (Reuters) - "The data must be wrong," according to veteran oil analyst Phil Verleger, who wrote in a blistering note that the Energy Information Administration is probably overestimating U.S. oil production by 1.6 million barrels per day.

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