According to a report issued by the International Energy Agency (IEA), the OECD's energy security monitoring agency, on Monday, output prospects of the world’s major biofuel production countries will vary over the next five years.
According to the report, during the period from 2007 to 2009, the global supply of biofuels increased by 50%, mainly in the United States. By 2009, biofuel production in the United States reached 53.3 million barrels per day, which was higher than the 330,000 barrels in 2006. However, during the period from 2009 to 2012, biofuel production in the United States will remain stable.
IEA said that due to high corn prices, the US ethanol production profits will decline further in the next two years. Reports have shown that there has been an excess of ethanol supply in the United States.
In Brazil, another major producer of biofuels in the world, the situation is different.
Due to Brazil's competitive advantages in production costs, agriculture, and infrastructure, IEA expects that after 2009, Brazil's biofuel supply will continue to grow.
By 2009, the daily production of biofuels in Brazil will increase from 293,000 barrels in 2006 to 421,000 barrels, and by 2012 it will further increase to 528,000 barrels.
Before 2012, Europe will still account for half of the global biodiesel production. By 2009, biodiesel production will double from the 2006 level to 213,000 barrels per day. However, since 2008, ethanol production in Europe will increase significantly. The IEA expects that the daily production of biofuels in Europe by 2009 will be 377,000 barrels, which is higher than the 150,000 barrels in 2006. However, daily production in Europe will remain stable from 2009 to 2012.
There is a big doubt as to whether biofuel projects in the Asia-Pacific region can be implemented. The IEA expects that by 2012, biofuel production in the Asia-Pacific region may have only one-third of the capacity level (60.4 million barrels/day). China will account for one-third of all unfulfilled capacity. This is because China is increasingly concerned about food and water shortages, which limits the development of the biofuel industry.
According to the report, during the period from 2007 to 2009, the global supply of biofuels increased by 50%, mainly in the United States. By 2009, biofuel production in the United States reached 53.3 million barrels per day, which was higher than the 330,000 barrels in 2006. However, during the period from 2009 to 2012, biofuel production in the United States will remain stable.
IEA said that due to high corn prices, the US ethanol production profits will decline further in the next two years. Reports have shown that there has been an excess of ethanol supply in the United States.
In Brazil, another major producer of biofuels in the world, the situation is different.
Due to Brazil's competitive advantages in production costs, agriculture, and infrastructure, IEA expects that after 2009, Brazil's biofuel supply will continue to grow.
By 2009, the daily production of biofuels in Brazil will increase from 293,000 barrels in 2006 to 421,000 barrels, and by 2012 it will further increase to 528,000 barrels.
Before 2012, Europe will still account for half of the global biodiesel production. By 2009, biodiesel production will double from the 2006 level to 213,000 barrels per day. However, since 2008, ethanol production in Europe will increase significantly. The IEA expects that the daily production of biofuels in Europe by 2009 will be 377,000 barrels, which is higher than the 150,000 barrels in 2006. However, daily production in Europe will remain stable from 2009 to 2012.
There is a big doubt as to whether biofuel projects in the Asia-Pacific region can be implemented. The IEA expects that by 2012, biofuel production in the Asia-Pacific region may have only one-third of the capacity level (60.4 million barrels/day). China will account for one-third of all unfulfilled capacity. This is because China is increasingly concerned about food and water shortages, which limits the development of the biofuel industry.
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