EIA: Renewable diesel production to expand by 30% annually in 2024, 2025
SOURCE: U.S. Energy Information Administration
February 7, 2024
BY Erin Voegele
The U.S. Energy Information Administration currently expects renewable diesel production to increase by approximately 30% annually in both 2024 and 2025, according to the agency’s latest Short-Term Energy Outlook, released Feb. 6.
The EIA currently predicts renewable diesel production will average approximately 230,000 barrels per day in 2024, expanding to 290,000 barrels per day in 2025, according to the STEO. Production averaged approximately 200,000 barrels per day at the end of 2023.
In the STEO, the EIA also announced it is reducing its U.S. crude oil refining capacity forecast by 120,000 barrels per day beginning in March 2024 following reports that Phillips 66 plans to permanently stop processing crude oil at its Rodeo refinery in California next month. According to the EIA, the Rodeo facility previously produced approximately 60,000 barrels per day of distillate fuel and 65,000 barrels per day of motor gasoline. Phillips 66 is converting the facility to produce renewable diesel. Once that project is complete, the Rodeo biorefinery is expected to have the capacity to produce approximately 50,000 barrels per day of renewable diesel.
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Renewable diesel production capacity has expanded significantly in recent years. EIA data shows capacity was at 1.75 billion gallons per year in January 2022 and had reached 3.857 billion gallons per year by November 2023.
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