Key Market Indicators
Canadian biofuel demand is projected to rise slightly over the next five years, reaching approximately 38,000 barrels of oil equivalent per day by 2028. This marks a modest increase from around 38,000 barrels per day in 2023, reflecting an average annual growth rate of 0.1%. The demand has been on a downward trend since 2003, decreasing by 0.7% year over year. On the production side, Canadian biofuel output is expected to decline. By 2028, production is forecasted to drop to about 20,000 barrels of oil equivalent per day, down from roughly 21,000 barrels per day in 2023. This represents an average annual decrease of 0.5%. Since 2004, the supply of Canadian biofuel has remained relatively stable, showing no significant yearly decline.
