Russia: Experts believe that the oil export quota will accelerate the growth of prices and supply shortage in the world market

Published 2022년 4월 18일

Tridge summary

Russia has imposed export restrictions and a quota on sunflower oil and cake, following a reduction in shipments from Ukraine, a major supplier. The move is expected to increase global prices, although the domestic market may not see price growth. The restrictions were introduced to prevent an uncontrolled rise in domestic prices and to stabilize the market. Russia also has a temporary ban on the export of sunflower and rapeseed seeds from April 1 to August 31, 2022.

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Original content

At the same time, the price on the Russian market will remain the same, Mikhail Maltsev, executive director of the Oil and Fat Union of Russia, emphasized. A quota for the export of sunflower oil from Russia will accelerate the growth of prices on the world market, although there may not be growth in the domestic market, Arkady Zlochevsky, president of the Russian Grain Union, told TASS. This point of view was confirmed by other experts. From April 1, a temporary ban was introduced on the export of sunflower and rapeseed seeds. The restrictions apply from April 1 to August 31, 2022. Also, from April 15, the quota for the export of sunflower oil and cake began to operate. A limit of 1.5 million tons was set, for cake - 700 thousand tons. The quota will be valid until August 31 inclusive. “Prices on the world market for oil will rise,” Zlochevsky is sure. “Since we were second after Ukraine in the supply of sunflower oil, and now it has sharply reduced shipments, now we are in first ...

Source: Oilworld