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Oil.  After world oil prices dropped to a new five-year low yesterday, several large global energy companies announced that they are considering reducing investments in forthcoming long-term projects. Many of these projects require billions of dollars in investment to secure oil or natural gas production that will be realized decades in the future — and are unsustainable given current market prices and break-even thresholds between $65-80 per barrel.  WSJ

Climate Change.  The New York Times notes that in the past China has avoided international reporting requirements on emissions reductions and is currently taking a similar stance in climate change discussions.  However, analysts note that Chinese officials have recently become more open to international cooperation on climate change, and may be more likely to relent on these requirements as negotiations continue.  NY Times

Energy Outlook.  Reuters reports that Russian fuel exports to Europe may surge next year amid reduced crude-oil export tariffs and decreased domestic demand.  The tax changes have been under way for some time, but Russia’s current economic slowdown is in part due to recent Western sanctions.  Reuters

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Oil.  Oil prices dropped to new five-year lows today after Iraq announced a price cut to Asian and American buyers and new data suggests an economic slowdown in China and Japan.  The benchmark U.S. oil price now stands at $66.19 per barrel — very close to the $65 per barrel break-even benchmark for U.S. companies drilling in shale-rock formations.  WSJ

Energy Policy.  U.S. Representative Joe Barton (R – Texas) will introduce a bill tomorrow to lift the 40-year ban on U.S. crude oil exports.  The bill will be heard before the House of Representatives subcommittee on energy and power this Thursday, but analysts speculate that the bill is unlikely to be passed due to concerns about fuel prices and costs to refiners.  Reuters

Nuclear.  The U.S. Energy Information Administration reports that nearly all existing nuclear reactors will be more than 60 years old by 2050 and will require federal life-extension approval to continue operations beyond 2050. Utilities relying on nuclear power must individually apply for a 20-year license renewal from the NRC; no applications have yet been submitted. EIA

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Oil.  Brent prices slid to a four-year low yesterday after Saudi Arabia lowered the price for its oil in the U.S. Industry analysts project that prices are likely to stay low until investors see signs such as pull-backs on drilling or new investments — which would suggest a forthcoming supply drop.  WSJ

Oil & Natural Gas.  EIA released a report yesterday estimating 2013 U.S. crude oil and natural gas proved reserves — the amount of oil and natural gas that can be drilled with current technology at current prices. The report indicates that U.S. reserves increased for the fifth year in a row in 2013, exceeding 36 billion barrels for the first time since 1975.  EIA

Climate Change.  Indian officials maintain that the country’s economic progress takes priority over pollution levels and therefore they will not discuss limiting greenhouse-gas emissions at forthcoming U.N. climate talks.  India’s participation in UN climate negotiations is critical as it is the third-largest global emitter of carbon dioxide.  Bloomberg

Oil.  Reuters reports that U.S. energy firms are attempting to cut costs by shifting drilling rigs away from less productive areas and towards “sweet spots” in North Dakota and Texas. Permits for new oil wells fell 40% in November, but U.S. output is widely expected to continue rising due to new technologies that improve extraction rates.  Reuters

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Energy Policy.  Germany unveiled a new carbon emissions reduction plan today in order to redouble its efforts towards 2020 reduction targets.  The plan requires Germans to cut at least 62 million additional tons of carbon dioxide emissions in coming years — a third of which are expected to come from the power industry.  NY Times

Oil.  The Wall Street Journal reports that recent drops in oil prices are adding new volatility to the geopolitics of the Middle East, particularly between Saudi Arabia and Iran.  While nations such as Saudi Arabia and Kuwait can weather low prices due to substantial cash reserves, low oil prices pose a serious problem for nations such as Iran, who lack such budgetary reserves and face additional economic strain from international sanctions.  WSJ

Energy Outlook.  Nick Butler of the Financial Times suggests that energy prices are more likely to fall than rise over time due to inevitable technology advancements and subsidies for domestic energy production amid rising energy security concerns. Butler speculates that investment companies will respond to this trend by postponing expensive projects and minimizing costs so that existing projects can remain profitable.  FT

Climate Change.  Michael Greenstone examines the likelihood that India — the third-largest emitter of carbon dioxide emissions worldwide — will join climate change negotiations after recent commitments made by the United States and China.  Greenstone asserts that India is likely to be more cooperative in future negotiations in light of opportunities to improve the well-being of its citizens amid rapidly worsening air pollution conditions.  NY Times

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Energy Outlook.  President Vladimir Putin of Russia canceled a proposed Black Sea pipeline yesterday, ensuring that pipelines running through Ukraine remain a vital supply link for much of Europe.  The European Union actively opposed the proposed pipeline as part of efforts to reduce member states’ reliance on Russian energy supplies — Russian officials confirmed that “sanctions and the general mood in Europe made the project impossible”.  Bloomberg

Oil.  Reuters reports that OPEC’s decision not to cut oil production demonstrates members’ awareness of their diminishing power over prices in the world oil market.  Saudi Arabia led the organization’s approach by choosing to maintain their 25% market share amid new geopolitical realities in the Middle East and the changing landscape of global oil production — essentially protecting their long-term outlook by allowing world prices to better reflect realities of the marketplace.  Reuters

LNG.  While Australia has the potential to become the world’s largest supplier of liquefied natural gas (LNG) by the end of the decade, barriers such as high costs and construction delays are threatening its future competitiveness.  The Wall Street Journal reports that floating LNG facilities — built overseas where labor and materials costs are lower — have become an attractive alternative to many onshore Australian LNG projects.  WSJ