Production of biofuels worldwide is expected to grow 2.70% annually through 2040, the US Energy Information Agency said Tuesday.
The 2014 International Energy Outlook projected that biofuels production would reach 2.965 million b/d by 2040. The US would see a small annual gain of 0.5% per year, reaching 684,802 b/d in 2040. The agency estimates the US will produce 171,491 b/d in 2014.
Brazil will be the world's top biofuels producer at 807,000 b/d in 2040, EIA said in the report. That represents an increase from 392,780 b/d this year.
China's and India's biofuels production is estimated to grow 9.2% and 7.80%, respectively, by 2040, but would still lag far behind Brazil and the US in number of barrels produced daily.
