Major economies have been increasing biofuel blending targets, despite comparatively higher feedstock prices, to cushion them from price volatility in crude oil, which plummeted during the pandemic then escalated due to the Russia-Ukraine war, reports Platts.
Countries that scaled back or withheld pledged increases in blending targets to temper elevated food prices are now pushing forward with increased blending targets and expanding biofuels production.
Did you subscribe to our Newsletter?
It’s Free! Click here to Subscribe.