EPA approval of rapeseed oil increases US import demand for use in biofuel production

The approval the US Environmental Protection Agency (EPA) granted for rapeseed oil for use as a feedstock in biofuel production has led to a sharp rise in import volumes.
On 1 December 2022, the EPA published a final rule (Renewable Fuel Standard / RFS) which states that rapeseed oil meets the requirement of at least 50% greenhouse gas reduction for all fuel options (biokerosene, diesel, fuel oil).
Recent information published by the US Department of Agriculture (USDA) suggest that whereas in 2018/19 imports amounted to just less than 1.8 million tonnes, the upcoming season's import demand is likely to reach 3.7 million tonnes.
According to investigations conducted by Agrarmarkt Informations-Gesellschaft, this means that imports will presumably not only double within six years but also hit a new record high. Also, the use of rapeseed oil in the human diet has risen steadily.
This trend is set to continue in the next few years due to the free trade agreement and geographic proximity to Canada, the world's largest exporter of rapeseed and rapeseed oil. US biofuel producers are likely to have access to ample supply in the future too.
Over recent years, the US share in Canadian rapeseed oil exports surged from 50-60% to 91% in 2023.