Global biodiesel production in 2023 will be at 55.85 million tons compared to 51.3 million tons in 2022 according to analysts at Oil World.
In particular, in 2023, analysts expect an increase in the production of biodiesel in the United States – up to 11.1 million tons against 10.1 million tons in 2022. At the same time, soybean oil consumption in the production of the product may increase to 5-5.1 million tons.
In Brazil, production volumes may increase to 6.67 million tons (5.53 million tons in 2022), but given that the biofuel mandate will be increased from 10% to 15% in April this year. At the same time, the consumption of soybean oil in the biofuel industry may increase to 4.8-4.9 million tons, which in turn may contribute to a reduction in Brazilian oil exports by 0.5 million tons per year.
In addition, analysts predict an increase in production in Indonesia this year. to 10.2 million tons (8.9 million tons), which can happen if the biofuel mandate in the country is increased from the current 30% to 35%.