Highlights
OPEC+ members agreed yesterday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter of 2024 as OPEC+ tries to counter concerns over poor global growth and rising crude production by non-members.
Chevron has suspended biodiesel production operations at its plants in Ralston, Iowa, and Madison, Wisconsin due to a lack of profitability. The two plants can collectively produce 50 million gallons of biodiesel per year.
The price of a 20% biodiesel blend fell last month to $3.45 per gallon of gasoline equivalent, from a peak of $4.80 per gallon in October 2022.
India’s government said its rice production is expected to decline for the first time in eight years because of below average rainfall, but wheat production is expected to rise 1.3% from a year ago. India is the world’s largest rice producer and exporter. The country banned exports of non-basmati white rice in July, sending global prices surging. Rice and wheat compete for market share worldwide.