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EIA forecasts crude oil prices will decline through 2023

Green Car Congress

Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices.

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Building materials recycler switches fleet to Neste renewable diesel

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Our environmental track record and continual efforts to help our customers build more sustainable communities played a major role in our decision to use renewable diesel in our fleet. Western States Oil, headquartered in San Jose, Calif., —Bill Crotinger.

Renewable 448
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OMV says it will stop oil and gas production by 2050 in transformation to net-zero

Green Car Congress

Austria-based OMV, an international, integrated oil, gas and chemicals company, announced its intention to become a net-zero (Scope 1, 2 and 3) company by no later than 2050. The company can build on a strong position. The production of oil and gas for energy use will be completely stopped by 2050.

Oil 465
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Foxconn partnering with Thailand’s PTT to build EVs; MIH open EV platform

Green Car Congress

PTT is a Thai state-owned oil and gas company and the largest publicly listed conglomerate in Thailand. It will build on Foxconn’s recently-established MIH industry alliance , an open network that enables developers and manufacturers to offer a complete software and hardware platform to build electric cars.

Thailand 334
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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. —Dr Fatih Birol, IEA Executive Director.

Oil 281
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EIA forecasts rising global oil production will limit price increases

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In the June Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) forecasts that rising global production of petroleum and other liquid fuels (driven by OPEC, Russia, and the United States) will limit price increases for global crude oil benchmarks Brent and West Texas Intermediate (WTI). million b/d in 2021 and 11.5

Oil 243
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Shell to build one of Europe’s biggest biofuels facilities for SAF and renewable diesel; 820,000 tonnes/year

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Royal Dutch Shell will build an 820,000-tonnes-a-year biofuels facility at the Shell Energy and Chemicals Park Rotterdam, the Netherlands, formerly known as the Pernis refinery. Hydrogen and high-pressure steam are then used in the production process to convert oils into fuels (hydroprocessing), helping to reduce the fuel’s carbon intensity.

Renewable 317