Despite the demonstrated potential of vegetable oil as a feedstock for renewable oleochemicals and oil-based biofuels, the low yield of oil per hectare of land by conventional oilseed crops is limiting our ability to scale production. Fermentation-derived oil may provide an avenue to improve yields to meet expected demands for oil-based biofuels and oleochemicals in a growing circular bioeconomy. While high-yielding sugar crops such as sugarcane and sweet sorghum are traditionally fermented to ethanol, they can also be fermented by oleaginous yeast to produce microbial oil (i.e., single-cell oil), mainly in the form of triacylglycerides (TAG) which are suitable for biodiesel production. Oleaginous yeasts naturally produce large amounts of oils from simple sugars when an essential nutrient such as nitrogen, phosphorous, or sulfur is limiting. Rhodosporidium toruloides (i.e., Rhodotorula toruloides), a carotenogenic basidiomycetous yeast, can natively produce oils at titers far greater than many other oleaginous microorganisms (e.g., native R. toruloides can reach 8 g•L -1 while Yarrowia lipolytica, a model organism for oleaginous yeast, natively reaches 4 g•L -1 ) and can natively grow on a wide range of sugars, including glucose, xylose, arabinose, and sucrose. A preliminary techno-economic analysis (TEA) on the potential for microbial oil production from R. toruloides oil estimated a minimum selling price of microbial oil of 4 to 6 USD•kg -1 and a carbon intensity of 7.2 to 11.6 kg CO2-eq•kg -1 from glucose. Another study using sugarcane juice as the feedstock estimated the production cost of microbial oil to be 1.2 USD•kg -1 with optimistic assumptions for capacity (48,000 MT•yr -1 of oil), glucose to oil yield (0.25 g•g -1 ), and oil recovery (95 %). Given that the selling price of soybean oil from 2011 to 2021 was 0.62 to 1.5 USD•kg -1 , microbial oil production from low-value, diluted sugars may be economically feasible with further technological development. A recent study by Bonturi et al. showed that a sugarcane-to-ethanol biorefinery that diverts the hemicellulosic fraction of bagasse towards biodiesel production using R. toruloides can have an economically feasible internal rate of return (IRR) of 14.4%. However, under the same set of assumptions on feedstock price and processing capacity, a sugarcane-to-ethanol biorefinery (without microbial oil production) would have a higher (and, thus, more favorable) IRR of 22.1% (evaluated using BioSTEAM's open-source sugarcane biorefinery model). Given the magnitude of market driven uncertainties and continuous improvements in the performance of microbial oil technologies, there is a need to better understand the sustainability implications of the research, development, and deployment landscape of microbial oil production technologies, including their potential to advance goals for financial viability and greenhouse gas emission reduction from traditional and cellulosic sugarcane biorefineries.