Reuters: Regulatory News: U.S. ethanol production rises slightly, stockpiles shrink

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U.S. ethanol production rises slightly, stockpiles shrink Oct 24th 2012, 16:35 Wed Oct 24, 2012 12:35pm EDT * U.S. supplies drop 1.2 percent to lowest point in seven weeks Oct 24 (Reuters) - U.S. ethanol production rose slightly, about 0.5 percent, in the last week, the Energy Information Administration said on Wednesday. Production of the biofuel was pegged at 801,000 barrels a day for the week ended on Oct. 19, up from 797,000 bpd the prior week, government data showed. Stockpiles stood at 18.8 million barrels as of Oct. 19, down 1.2 percent from the prior week and the lowest level in seven weeks, the government report said. In world ethanol news, Brazil's oil regulator said Wednesday the country will raise the required amount of ethanol blended into gasoline to 25 percent from the current 20 percent by the end of June next year. Brazil had lowered the amount of ethanol in gasoline to 20 percent in October 2011 due to a shortage of the biofuel and an increase in its price. But the scenario is improving for the sugarcane industry, which provides the raw material for Brazil's ethanol and should now be able to meet the higher demand, said Allan Kardec, director of the ANP regulator.

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