
Energy and Environment News
May 12, 2016
Top Stories
Energy Outlook. According to the International Energy Agency’s (IEA) closely-watched monthly oil market report, Iran’s oil production has risen faster than expected — reaching levels not seen since before Western sanctions were tightened in 2011. IEA also finds that despite the strength of Iran’s rebound, the global oversupply of crude is shrinking due to production disruptions in Nigeria and Canada, moving the market closer to balance in the second half of 2016. WSJ
Renewables. Major U.S. companies, including Facebook and Microsoft, are backing the Renewable Energy Buyers’ Alliance, which aims to help companies secure deals for wind and solar power with the goal of adding 60 gigawatts of capacity to the U.S. grid by 2025. If successful, it would add about 60 percent to existing U.S. wind and solar power capacity — far more than the Clean Power Plan mandates. FT
Energy Regulation. Today, the Obama administration unveiled the first federal regulations controlling methane emissions from new oil and gas wells as part of a broader effort to cut greenhouse gas emissions across many industries. The new rules, which would require firms to plug and capture methane leaks from new oil and gas wells and storage tanks, is expected to cost companies roughly $530 million and lower methane emissions by 510,000 tons in 2025. NY Times