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EIA forecasts crude oil prices will decline through 2023

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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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Maersk selects Wärtsilä HY Module hybrid solution for AHTS vessel conversion

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Wärtsilä will supply its Wärtsilä HY Module , a containerized hybrid battery power and energy storage system to Maersk Supply Service, the Denmark-based provider of offshore marine services and integrated solutions for the global energy sector. This is believed to be the world’s first AHTS hybrid battery conversion.

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EIA expects US petroleum trade to shift toward net imports during 2022

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In 2021, the United States returned to importing more petroleum (which includes crude oil, refined petroleum products, and other liquids) than it exports following its historic shift to being a net exporter of petroleum in 2020, according to the US Energy Information Administration (EIA). million b/d. million b/d in 2023. million b/d.

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JFE Steel, Emirates Steel and Itochu to study building supply chain for low-carbon ironmaking

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JFE Steel Corporation, Itochu Corporation and Emirates Steel Arkan, the largest steel company in the United Arab Emirates (UAE), will conduct joint detailed feasibility studies on the establishment of a supply chain of ferrous raw material for green ironmaking with low-carbon emission at the project site in Abu Dhabi.

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Phillips 66 makes final investment decision for $850M conversion of refinery to renewable fuels facility; commercial operation in 1Q 2024

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Upon completion of Rodeo Renewed, the converted facility will no longer process crude oil and instead use waste oils, fats, greases and vegetable oils to produce an initial 800 million gallons per year (over 50,000 barrels per day) of renewable transportation fuels, including renewable diesel, renewable gasoline and sustainable aviation fuel.

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Aemetis wins $6M biodiesel supply contract with India Government oil companies

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announced that its Universal Biofuels subsidiary has won a $6-million first contract to supply biodiesel to the India government-owned Oil Marketing Companies (OMC) in a public tender process. Aemetis, Inc.

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EIA projects US renewable diesel supply to surpass biodiesel in the near term but remain small part of larger diesel market

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In its Annual Energy Outlook 2022 (AEO2022) Reference case, which reflects current laws and regulations, the US Energy Information Administration (EIA) projects that renewable diesel supply (domestic production and net imports) will exceed biodiesel supply in the near term.

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