Brazil's ethanol production will continue to grow and will be a source of an increase in oil supply outside the Organization of the Petroleum Exporting Countries, the International Energy Agency (IEA) said on Wednesday.
"Brazilian ethanol output, and biofuels as a whole, continue to constitute strong sources of non-OPEC supply growth that warrant increased analytical scrutiny," the IEA said in its monthly oil market report.
"For 2010 and 2011, we see annual Brazilian ethanol production growing on average by 50,000 barrels per day, to 475,000 bpd and 520,000 bpd, respectively."
In the report, the Paris-based agency revised up its estimate for non-OPEC oil supply by 150,000 bpd to 53.1 million bpd for 2011.
