With The Fall In Oil Prices Associated With The Pandemic, Demand For Biofuels Drops For The First Time In 20 Years

Written by Roberta Souza

Published on 28/11/2020 at 12:47

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With The Covid-19 Pandemic And The Fall In Oil Prices, Biofuels Had A Negative Impact On Their Demand

Due to the pandemic and the sharp decline in oil prices in recent months, the demand for biofuels fell for the first time in 20 years. An expert points out that biofuels are currently not competitive in the market due to oil prices. Among all renewable energy sources, the use of biofuels saw the largest decline during the pandemic.

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Olivier Lemeslei, the research director at the consulting firm Xerfi, says that “The fall in oil prices had a very negative impact on biofuels”.

According to data from the International Energy Agency (IEA), biofuel production is expected to decrease by 11.6% compared to 2019, a significant result, marking the first decline in 20 years.

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The current situation of biofuels and fossil fuels is not the same: although the cost of biodiesel per barrel remains around 70 dollars, crude oil prices have plummeted since the beginning of the year due to severe global measures to contain the Covid-19 pandemic.

Alternatives to gasoline or diesel produced from plants offer advantages, especially for the environment. Compared to fossil fuels, this means that greenhouse gas emissions are reduced by at least 50%.

Jean-Philippe Puig, CEO of the Avril group, states that “Biofuels have a place as part of the environmental solution”. However, in addition to the price disparity compared to oil, the sector also depends on political will, for example, in increasing the level of biofuel use at gas stations.

With The Fall In Oil Prices Associated With The Pandemic, Demand For Biofuels Drops For The First Time In 20 Years

With The Covid-19 Pandemic And The Fall In Oil Prices, Biofuels Had A Negative Impact On Their Demand

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