IEA concerned for coronavirus-related South America biofuel crisis

18 May 2020 (Last Updated May 18th, 2020 16:27)

The International Energy Agency (IEA) has expressed concern over the biofuel sector's crisis in Latin America, caused by the Covid-19 coronavirus outbreak.

In a press statement released today, the IEA said that producers of biofuels in South America's two biggest markets, Argentina and Brazil, are facing lower demand and lower prices – both in the domestic and export markets.

To address the situation, said the IEA, it will be critical to recognise the role of biofuels and their benefits in the regional economy.