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Oil.  At OPEC’s meeting last week, the organization decided to maintain current crude oil production levels despite the global supply glut and sliding prices. Brent crude oil prices have fallen by nearly 40% since mid-June — and analysts project this trend will continue for the foreseeable future.  WSJ

Energy Outlook.  Amid the five-month decline in crude oil prices, many energy stocks have plunged as investors are hesitant to buy stocks in the highly indebted, speculative companies within the sector. Industry analysts and investors warn that many deeply indebted U.S. shale-oil producers will not survive further oil-price declines without a wave of mergers or overhauls.  WSJ

Energy Policy.  Coral Davenport of the New York Times argues that President Obama’s actions through the Clean Air Act of 1970 could leave him with the most “aggressive, far-reaching environmental legacy of any occupant of the White House”.  The regulations issued through the Clean Air Act — ranging from vehicle fuel-economy standards to the EPA’s recently proposed tightening of county ozone standards — have been upheld by the Supreme Court thus far, but more legal challenges are scheduled to be heard.  NY Times

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EPA.  The EPA proposed lowering ground-level ozone standards to between the range of 65 and 70 parts per billion next year, and will seek comment on a potential range of 60 to 75 parts per billion. As part of its mandate under the Clean Air Act, the EPA must legally update ozone limits considering only science — though several groups have estimated that the lowered standards could be “the most expensive regulation ever imposed on the American public”.  WSJ

Oil.  As OPEC prepares to meet tomorrow to discuss cutting its production of oil, Iran announced that it has no plans to cut its own production and in fact plans to boost it.  Iran currently exports 1.5 million barrels of oil per day and could boost this number by 1 million barrels per day if sanctions by the U.S. and its allies are lifted.  WSJ

Energy Outlook.  Reuters reports that China is likely holding twice the amount of crude oil in strategic reserves than indicated in its official plan — nearly 30 days of current imports.  The nation is taking advantage of low oil prices as part of a long-term stockpiling strategy, and is developing storage capacity to cover as much as 90 days of oil reserves within the next few years.  Reuters

Oil.  Michael Levi of the Financial Times writes that recent global oil market volatility creates unique policy opportunities such as subsidy reform and eased relations between Ukraine and Russia.  Levi argues that policymakers must take care not to pare back support for energy efficiency and alternative fuels investments however, as global prices will not remain low indefinitely.  FT

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EPA.  The U.S. Supreme Court agreed to hear industry and state arguments against the EPA’s proposed Power Plant Mercury Rule with an expected ruling date in June of next year.  Opponents of the rule — including industry trade groups and two dozen states — argue that the EPA violated the Clean Air Act by not considering compliance costs earlier in the regulatory process.  Bloomberg

Oil.  The Wall Street Journal reports that OPEC members are close to reaching a compromise that would lead to oil supply cuts.  Such an agreement would hinge on tighter compliance with existing OPEC output limits rather than an additional cut to its production target, amounting to a cut of around 300,000 barrels of oil per day compared with October supply levels.  WSJ

Energy Policy.  The Financial Times reports that Germany’s Energiewende (“energy change”) policy has created an environment where Berlin must rely on electricity generation from coal-fired power stations due to the unreliability of renewable sources and the exit of nuclear capacity.  Additionally, the cost of the program’s green-energy subsidies have increased electricity costs for consumers more than 30% in four years, placing great pressure Germany’s global economic competitiveness.  FT

Oil.  In the Wall Street Journal, two energy experts debate the decades-old U.S. ban on oil exports.  Jason Bordoff, former energy adviser to President Obama, asserts that the oil-export ban should be lifted because it will allow the U.S. to better respond to global prices and temper supply shocks with negligible and even negative impact on U.S. oil prices.  Tyson Slocum, director of the Energy Program at Public Citizen, argues that the ban should be maintained in order to insulate the economy from supply disruptions abroad and asserts that research suggesting insignificant price impacts is suspect.  WSJ

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Energy Policy.  In an interview with two energy policy experts about the political climate for forthcoming national energy policy, the Wall Street Journal found that much gridlock is to be expected next year.  In general, Republicans are looking to pull back on new carbon-pollution standards, approve the Keystone XL pipeline, and lift the ban on crude-oil exports, and significant push-back is expected on all accounts from Democrats in Congress and President Obama.  WSJ

Solar & Wind.  The New York Times reports that electricity from wind and solar power plants became cheaper than coal or natural gas in some U.S. markets last year.  New technologies and innovative approaches to financing and operations have helped both industries lower costs over the past five years, although industry experts warn that neither renewable source is likely to replace conventional power plants anytime soon.  NY Times

Biofuels.  The EPA announced on Friday that it will postpone a rule detailing levels of biofuel required to be blended into conventional vehicle fuels. Industry analysts note that much of the motivation for biofuel mandates is gone, particularly because American dependence on foreign oil has waned and supplies of advanced biofuels have fallen short of the mandate’s requirements.  NY Times

Keystone XL.  An op-ed in the Financial Times asserts that debates surrounding the Keystone XL pipeline have been wildly exaggerated both in terms of its modest economic benefits and implications for the global climate.  The author asserts that though the benefits and environmental costs are overstated, the pipeline should be approved because it will provide a friendly supply source and a more secure route for oil to reach the US in the event of an international crisis.  FT

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Oil.  Venezuela announced that it would be willing to cut oil production if OPEC decides to limit output when it meets later this month.  According to oil industry analysts, there is increased likelihood that OPEC will agree to reduce production, so long as financially-strained members such as Venezuela continue to push for higher oil prices.  Reuters

Energy Security.  The Federal Energy Regulatory Commission (FERC) issued a new rule yesterday that will require U.S. utility companies to protect important electrical equipment from potential attackers by identifying key transmission substations and hubs that could cause blackouts if knocked out.  Utility companies forecast spending hundreds of millions of dollars in security upgrades over the next several years to improve defenses.  WSJ

Climate Policy.  Jeffrey Frankel, a professor at Harvard University, examines the historic relationship between individual countries’ emissions reduction targets and per-capita incomes.  He finds a significant statistical relationship between these two variables — an average 10% increase in per-capita incomes for each 1.4% cut in emissions — which he suggests could be used as a historical “yardstick” from which to gauge the level of burden countries should bare in future climate policy negotiations.  Project Syndicate