Oil World predicts another price increase in 2024/2025 season

Rising prices and demand Consumers and oil seed producers will have to prepare for higher prices in the 2024/2025 season. The main reason is the steady growth in global oil demand. For example, in the 2003/2004 season, the growth in oil demand was 4.1 million tons per year, in 2013/2014 - 7.1 million tons per year, in 2023/2024 - 5.9 million tons per year, he specified. Currently, the energy sector accounts for 20 percent of the total global consumption of 17 types of oils and fats. The expected insufficient growth in global supplies of UCO (used cooking oils) and other raw materials in the coming years will maintain high dependence on palm oil, soybean oil, rapeseed oil and sunflower oil as raw materials for biofuel production. Fluctuations in oil prices The expert noted that palm oil prices have fluctuated significantly over the past 4 years, ranging from $530 per tonne in May 2020 to $1,900 per tonne in March 2022. In just the 5 weeks to October 24, 2024, we saw price increases ...