Global News Summary
GLOBAL High vegetable oil prices have reduced global demand by 27% to four mi...
GLOBAL Corn and soybeans rallied Wednesday as a drop in the dollar boosted th...
GLOBAL Oil extended its decline on Monday at just above $114 a barrel, on dim...
NORTH AMERICA Renewable Energy Products has started up the largest biodiese...
GLOBAL The sharp drop in commodity prices is raising hopes that inflation is ...
GLOBAL Buyers from China and India have cancelled or renegotiated around near...
GLOBAL A United Nations press release reports that a UN backed group of inter...
GLOBAL More palm oil is likely to be used for biofuel production in the near ...
GLOBAL Crude oil prices have risen from the lowest in more than three month...
NORTH AMERICA US amusement parks are increasingly using renewable energy. He...
Crude oil futures fell slightly Friday over uncertainty about whether OPEC will cut production at its meeting this weekend. Light, sweet crude for April delivery traded 0.7% lower at $46.68 a barrel on the NYMEX and Brent crude on the ICE exchange traded 0.4% lower at $44.93.
A new Merrill Lynch report estimates global biofuels output for this year will be 1.9 million b/d, compared to their previous figure of 2.1 million b/d. The analysts also estimate that most biofuel refineries will need WTI prices above $60/bbl to break even without government help.
In advance of this weekend's meeting between US President Barack Obama and Brazilian President Luiz Inacio Lula da Silva, US Sen. Dick Lugar reintroduced his bill to strengthen biofuel cooperation in the Western Hemisphere in general and Brazil in specific, OPIS reports.
Two Michigan universities have received a $1.4-million grant from the US government to continue research in generating renewable energy from Michigan's forests.
Imperium Renewables has announced a reduction of its workforce at its Grays Harbor, WA biodiesel plant. The company took this action in order to reduce costs and preserve capital, according to reports.
Friday, Argentine farmers held a meeting in Cordoba to present an agriculture development plan and also staged roadside protests against the government’s export taxes. On Tuesday farmers will again meet with the government.
Jamaica held the inaugural meeting of the country's Biofuels Task Force on Tuesday, according to the Minister of Energy. The Biofuels Task Force is made up of representatives from local and international organizations.
EU has announced provisional anti-dumping and anti-subsidy duties on imports of biodiesel from the United States. The measures will come into effect from March 13 and will be in place for four months.
In the UK, energy regulator Ofgem has published a new ruling stating that use of methanol made from natural gas in biodiesel production discounts the fuel from the Renewables Obligation plan. However, if the biodiesel is used as a transport fuel, it is still eligible for Renewable Transport Fuel Obligation certificates.
Neste Oil will buy 250,000 mt of palm oil from Malaysia this year for its existing and new Finnish biodiesel plants, the company stated. Its second and new plant, located in Porvoo, with an annual production capacity of 170,000 mt, will be completed in the fourth quarter.
Shares in Vopak Friday traded up to 8% higher after it reported a 17% rise in full-year net profit mainly on the back of higher sales and increased capacity.
ASIA / PACIFIC
On Thursday, industry experts in Malaysia stated that oil companies active in the country must be mandated to sell biodiesel blends to sustain the biofuels industry.
China-based Tianjin Julong Group's palm plantation in Indonesia is expected to start producing palm oil by June, according to the company. The group established the first Chinese oil palm plantation - of about 12,000 ha - in Indonesia three years ago.
Seaoil Philippines has said that industry players have been called on by the Energy department to comment on the proposal to establish product standards for B3 in order to implement the mandate this year.
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