Oil World predicts another price increase in 2024/2025 season

Published 2024년 11월 6일

Tridge summary

The article highlights the anticipated rise in prices for consumers and oil seed producers in the 2024/2025 season, largely due to the increasing global demand for oil. The energy sector's consumption of various oils and fats makes up 20% of the total global demand. As the demand for biofuel production raw materials such as used cooking oils and other resources remains insufficient, reliance on palm oil, soybean oil, rapeseed oil, and sunflower oil is expected to stay high. Additionally, the article notes the unpredictable fluctuations in palm oil prices over the past few years and provides an estimate of the global reserves of 17 types of oils and fats for the upcoming season.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Farmer.pl