Spain's biofuel production displayed notable fluctuations between 2013 and 2023. Production surged between 2013 and 2017, with particularly high year-on-year increases in 2014 (38.06%) and 2017 (55.96%). After peaking in 2018, production saw a decline, with negative growth rates in 2019, 2020, and 2021. However, minor recoveries occurred in 2022 and 2023, with a respective 1.27% and 2.81% year-on-year increase. In 2023, biofuel production stood at 32.12 thousand barrels of oil equivalent per day, reflecting a slower recovery phase.
Looking ahead:
- Forecasted annual growth rate of 2.01% from 2024 to 2028.
- Expected gradual increase to 36.44 thousand barrels of oil equivalent per day by 2028.
Future trends to watch for include technological advancements in biofuel production, potential regulatory changes, and the impact of global oil prices on biofuel demand and production stability.
