June 26 (Reuters) - Refiner Phillips 66 said on

Wednesday its renewable fuels facility in California reached

full production rates amid an ongoing supply glut of

low-emission biofuels.

The company said its Rodeo facility, which produces

renewable diesel and sustainable aviation fuel, reached target

production of 50,000 barrels per day.

The ramp up comes at a time when a supply glut for

low-emissions biofuels has hampered refiners' profit margins.

Renewable diesel production capacity in the United States

nearly quadrupled following the pandemic, from 791 million

gallons a year in 2021 to 3 billion gallons a year by 2023.

The oversupply has lowered prices of renewable

identification numbers, or the credits refiners earn under the

Renewable Fuel Standard program for producing or importing

biofuels, to the lowest in five years.