IEA report addresses global biodiesel production expectations
A report recently released by the International Energy Agency includes projections of future biodiesel production. Regarding the U.S. market, the IEA noted that it has revised down its production expectations by 10,000 barrels per day (10 kb/d) on average from 2012-‘16. “While the 2011 blenders’ tax credit renewal boosted annual production to 50 kb/d from 20 kb/d in 2010, its year-end expiry casts uncertainty over future economics,” said IEA analysts in the report.
The IEA has also revised down production numbers for Europe. The agency says that those expectations have been revised down by 10 kb/d for 2010-‘16. This is largely attributed to lower biodiesel output. “Economics have become precarious for some producers,” the IEA said. “Faced with high vegetable oil prices and an influx of cheaper imports from Argentina and Indonesia, 2011 production is expected to be down in both Italy and Spain.” However, production in other areas including Poland and the Netherlands is growing.
In Asia, the IEA said Chinese biodiesel production estimates for the future have been trimmed due to lower than expected baseline production in 2010. Expected production in Thailand has also been reduced down in 2011-‘12 due to widespread flooding. Indonesia’s biodiesel output, however, is expected to increase.
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