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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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New study finds GHG emissions from palm oil production significantly underestimated; palm oil biofuels could be more climate-damaging than oil sands fuels

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Based on visual interpretation of high-resolution (30 m) satellite images, a new study in the journal Global Change Biology: Bioenergy determined that industrial plantations covered over 3.1 When peat swamps are drained for agriculture, the peat begins to decompose, and is an enormous source of carbon emissions. Earlier post.).

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OriginOil and Idaho National Lab to develop direct conversion of algae into renewable crude oil for existing oil refineries

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the developer of a technology to extract oil from algae, plans to co-develop an integrated system with the US Department of Energy’s Idaho National Laboratory (INL) for direct conversion of raw algae into a renewable crude oil that can be used by existing petroleum refineries. OriginOil, Inc., This may well support the U.S.

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

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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.

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DNV forecasts oil demand in transport sector to halve by 2050

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Despite oil demand in the transport sector forecast to half by 2050, the present pace of the transition still falls severely short of the goals of the Paris Agreement. Today, transport of passengers and goods accounts for about a quarter of global energy-related CO 2 emissions, a share that will grow to 30% by 2050.

Oil 335
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Canada backs demonstration-scale algal biorefinery project in the oil sands; Algal Carbon Conversion

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The Government of Canada is supporting a three-year project that will result in the construction of a $19-million, demonstration-scale facility in Alberta that will use algae to recycle industrial carbon dioxide emissions from an oil sands facility into commercial products such as biofuels. Algae Algal Fuels Biorefinery Canada Oil sands'

Oil-Sands 199
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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.