Global crude oil import prices are likely to drop from an average US$109 per barrel (/bbl) currently to near $93/bb/ over the next five years – thanks in large part to “transformative” unconventional crude oil-production growth in North America, according to the latest International Energy Agency (IEA) Medium-Term Oil Market Report (MTOMR) released May 14.

The European Commission (EC) is conducting “inspections” at energy firms and at least one price-index publisher in three EU Member States – part of an investigation into alleged price-fixing, the commission confirmed May 14.

In the past two years, liquefied natural gas (LNG) has become a hot topic in the natural gas industry as producers have sought access to premium markets outside of North American shores.

A May 3 “Oil Focus” analysis from Barclays Bank predicts that China’s refiners will maintain diesel fuel export levels at about 80,000 to 100,000 barrels per day (b/d) thanks to relatively soft economic growth in China.

The U.S. Geological Survey (USGS) recently confirmed what the industry has long suspected: the Bakken play is huge, and the Three Forks isn’t too shabby, either.

The Industry Union Cane Sugar Association (UNICA), in conjunction with the Center for Sugar Cane Technology (CTC), projects a grinding of 589.6 million metric tons of sugar cane for the 2013/2014 crop year in Brazil’s Mid-South region – up 10.67% versus 532.76 million metric tons processed in the previous harvest.

The International Energy Agency’s (IEA) annual progress report Tracking Clean Energy Progress – released April 17 to the Clean Energy Ministerial (CEM) in New Delhi – highlighted the rapid expansion of renewable technologies as “one of the few bright spots in an otherwise bleak assessment of global progress towards low-carbon energy,” according to the IEA in a statement.

ASTM International has released a new publication – Manual 58, Petroleum Refining and Natural Gas Process – aimed at providing the latest industry and research advances in petroleum refining, natural gas processing and refinery management.

CIMAC – the international council on combustion engines – this month issued a new “Guideline for the Operation of Marine Engines on Low Sulfur Diesel,” which includes warnings for ship operators on switching from conventional heavy fuel oil to low-sulfur marine gasoil or marine diesel oil.

Detroit – Future regulations seen likely to be imposed by U.S. Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) on vehicle “air toxics” emissions could spell trouble for vehicles fueled by fatty acid methyl ester (FAME) biodiesel blends and natural gas.

A new study by U.K.-based Chatham House researcher Rob Bailey finds that biofuels mandates in the U.K. and Europe only cause more harm than good.

According to an April 26 Dow Jones report, Calgary, Alberta-based TransCanada Corp. has pushed back the Keystone XL pipeline’s in-service date to the second half of 2015, while the line awaits U.S. regulatory approval.

Foster Wheeler announced May 7 that it won a front-end engineering and design (FEED) contract from Gazproneft for a combined oil refinery unit (CORU) project at the Moscow refinery in Russia.

British Columbia-based Methanex announced April 24 that it will move a second, 1 million-tonne-per-year methanol plant from Chile to Geismar, La.

Finnish refiner Neste Oil announced April 26 that it plans to invest €42 million (about US$55 million) in improving energy efficiency and operational reliability at its Porvoo, Finland refinery.

India-based Jindal Steel & Power Ltd. (JSPL) reportedly aims to get involved in a multi-faceted coal project in Botswana including a coal-to-liquids (CTL) scheme.

Rosneft announced April 29 that it and Mitsui signed a memorandum of understanding (MoU) to jointly develop a petrochemical complex project, which will be developed by Rosneft subsidiary Far East Petrochemical Co. (FEPCO).