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EIA estimates decrease in global surplus crude oil production capacity in 2022

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As of May 2022, surplus crude oil production capacity in non-OPEC countries decreased by 80% compared with 2021, according to the US Energy Information Administration’s (EIA) new report Global Surplus Crude Oil Production Capacity. In 2021, 1.4

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Global Clean Energy buys Bakersfield refinery for $40M, converting to produce renewable diesel

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Global Clean Energy Holdings, Inc., Alon Bakersfield Refinery is an existing oil refinery located in Bakersfield, California. Alon Bakersfield Refinery is an existing oil refinery located in Bakersfield, California. Historically, the refinery has produced diesel from crude oil and has a capacity of 70,000 barrels per day.

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New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA. Click to enlarge.

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IEA: COVID-19 crisis causing the biggest fall in global energy investment in history

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The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year—from fossil fuels to renewables and efficiency—the International Energy Agency said in a new report. —Dr Fatih Birol, the IEA’s Executive Director.

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IEA: Petrochemicals set to be the largest driver of world oil demand

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Petrochemicals are rapidly becoming the largest driver of global oil demand. Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then. Source: IEA.

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Goodyear offering second tire with soybean oil; Endurance WHA

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The Goodyear Tire & Rubber Company announced a new formulation of its popular Endurance WHA waste haul tire made with a renewable soybean oil compound. The Endurance WHA is now made with soybean oil, which replaces a portion of the petroleum-based materials used in its production. Earlier post.). “In

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ExxonMobil: diesel will surpass gasoline as the number one global transportation fuel by 2020

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Transportation fuel mix in millions of oil-equivalent barrels through 2020. Mix of the global vehicle fleet. By contrast, gasoline demand will be relatively flat, despite the doubling of the global personal vehicle fleet over the Outlook period from more than 800 million vehicles to more than 1.6 Source: ExxonMobil Outlook.

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