Global: Notable oil prediction from FAO

Published 2022년 3월 14일

Tridge summary

The UN Food and Agriculture Organization (FAO) has warned that the ongoing conflict in Russia and Ukraine, two key countries in global food production, could lead to a food security risk for importing countries. The war is expected to disrupt the supply of wheat, barley, maize, rapeseed, and sunflower oil, affecting major importers like India, the EU, China, Iran, and Turkey. The FAO suggests that countries may need to shift to alternative oils such as palm, soy, and rapeseed as soon as sunflower oil becomes less available. The organization emphasizes the importance of keeping global food and fertilizer trade open to mitigate the impact of these disruptions. It also highlights the need to maintain production and marketing activities to meet domestic and global demands, and to work on improving supply chain resilience.

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Original content

The UN Food and Agriculture Organization (FAO) stated that the reduced agricultural production due to the war will pose a food risk in importing countries, and pointed out that it may turn to soy, palm and rapeseed oils as an alternative to sunflower oil in the near future. Russia and Ukraine play an important role in global food production and supply. While Russia is the world's largest wheat exporter, Ukraine is the fifth largest exporter. Together they account for more than a third of global grain exports, providing 19 percent of the world's barley supply, 14 percent of wheat and 4 percent of maize. At the same time, they are suppliers of rapeseed and constitute 52 percent of the world sunflower oil export market. The global fertilizer supply, of which Russia is the leading producer, has also intensified. New global food security scenarios based on the Russia-Ukraine conflict will challenge importing countries. QU Dongyu, Director-General of the United Nations Food and ...

Source: Sondakika