article thumbnail

EIA: Crude oil demand returns faster than supply, increasing prices and reducing inventories

Green Car Congress

The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). US crude oil inventories were 440.3 US crude oil production then fell to 9.7

Oil 417
article thumbnail

Marathon Petroleum, ADM to form soybean oil JV to support renewable diesel production

Green Car Congress

MPC) and ADM announced an agreement to form a joint venture for the production of soybean oil to supply rapidly growing demand for renewable diesel fuel. When complete in 2023, the Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to MPC. Marathon Petroleum Corp.

Oil 334
article thumbnail

Solazyme and Unilever sign commercial supply agreement for tailored algal oil

Green Car Congress

a renewable oil and bioproducts company, and Unilever have executed a commercial supply agreement for the first partnered Solazyme Tailored Algal Oil. The companies have been collaborating for five years on multiple projects with increasing levels of success culminating in this initial supply agreement. Solazyme, Inc.,

Oil 210
article thumbnail

Solazyme and Unilever expand partnership for renewable oils; multi-year supply agreement

Green Car Congress

a renewable oil and bioproducts company, announced the continuation and expansion of its relationship with Unilever. The two companies have been collaborating since 2009 on the research and development of tailored oils utilizing Solazyme’s technology platform and Unilever’s broad knowledge in the consumer goods space. Solazyme, Inc.,

Oil 231
article thumbnail

Gulf oil giants Saudi Aramco, Adnoc set sights on lithium – ET Auto

Baua Electric

Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters.

article thumbnail

Solazyme begins US commercial production of renewable algal oils

Green Car Congress

announced that commercial production of its renewable algal oils has begun at both Archer Daniels Midland Company (ADM)’s Clinton, Iowa facility, and the downstream companion facility operated by American Natural Products in Galva, Iowa (ANP). Solazyme, Inc.

Oil 239
article thumbnail

Former president of Shell Oil calls for aggressive action on alternative fuels to break oil monopoly on transportation

Green Car Congress

John Hofmeister, former President of Shell Oil Company and founder and CEO of Citizens for Affordable Energy (CFAE), is joining the Fuel Freedom Foundation (FFF) Advisory Board. There will not be enough oil to stay on the path we’re on globally over the short- and medium-, let alone the long-term. We need a competitor for oil.