Iran increased imports of vegetable oils in 2022/23 MY

The Iranian government is introducing a ban on October 23 of this year. for the import of soybean and sunflower oils, Oil World (Germany) reports. The ban is expected to remain in effect for 1-2 months until unusually high inventories of sunflower and soybean oils are reduced. In general, reserves of vegetable oils at the end of September 2023 in Iran are at a record level and are 150-200 thousand tons higher than the result of the previous year. It should be noted that Iran has been actively importing key vegetable oils since June of this year, and the total supply of products in October-September 2022/23 MY reached 1.61 million tons (+120 thousand tons before the corresponding period of 2021/22 MY). In particular, imports of sunflower oil (Oct-September 2022/23 MY) are estimated at 809 (+141) thousand tons, of which 806 thousand tons - from the Russian Federation, 94 thousand tons - from Argentina, 49 thousand tons - from Moldova and 29 thousand tons - from Romania. Purchases of ...