Bloomberg.com
By Ayesha Daya
May 13 (Bloomberg)—Biofuels will account for 63 percent of oil supply growth from non-OPEC countries
this year, taking global production of crop-based fuel to more than 1.5 million barrels a day, the
International Energy Agency said today.
Biofuels output will grow by 425,000 barrels a day this year, a 57 percent increase from a year ago, the
IEA said in its monthly report. Total non-OPEC supply growth this year is expected to average 680,000
barrels a day, compared with 550,000 barrels a day last year, the report said.
``While it seems unlikely that biofuel targets will be reversed in the near future, it is sobering to realize
the amount of oil that would be needed to replace them,’’ the IEA said. ``Just offsetting the biodiesel
and ethanol added to the U.S. and European markets since 2005 would require around 1 million barrels
a day of additional crude oil supplies to be processed.’’
To contact the reporter on this story: Ayesha Daya in Dubai adaya1@bloomberg.net
Last Updated: May 13, 2008 06:07 EDT