Chinese Biodiesel Pushes Down EU Rapeseed Oil Prices UFOP: rapeseed oil has great potential in the biofuel market In 2024, the volume of world biodiesel production may reach its highest point, while the intermediate growth in production of this product from year to year will be the highest. This forecast was announced by the managing director of UFOP (Union for the Promotion of Oil and Protein Plants) Stefan Ahrens. According to him, the development of biofuel industry is gradually taking its important niche and is a powerful driver for the agricultural sector. However, he notes, the biodiesel sector is still seeing declining use of rapeseed. "Rapeseed oil has great potential to replace the lack or decline in the use of palm or soybean oil in biofuel production. However, the question is, is there enough rapeseed on the market to meet demand? In this context, the conflict in Ukraine has been a challenge for the industry. Although a sufficiently high yield of oilseeds in the EU was able to partially compensate for the reduced supply of Ukrainian rapeseed on the market. But the problem remains, "- said the expert. At the moment, there is significant competition for biofuels on the market, and the agricultural sector will also have to fight for its share, said Ahrens.

China’s Biodiesel Exports Hit with EU Tariffs

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