Indonesia: Sunflower oil demand will rise if Russia-Ukrainian war ends

Published 2022년 11월 6일

Tridge summary

The article highlights the predictions and insights provided by Dorab Mistry, the director of Godrej International, at the 2022 Indonesian Palm Oil Conference (IPOC) in Nusa Dua, Bali. Mistry anticipates a surge in demand for sunflower seed oil following the end of the Russia-Ukraine conflict, and expects a significant recovery in rapeseed and canola oil production for 2022. However, he warns that Indonesian palm oil might face a threat due to the anticipated large harvest of over 150 million tons of soybean oil from Brazil. Mistry recommends that Indonesia should keep its export taxes low and abolish the domestic market obligation (DMO) to remain competitive. He also shares his thoughts on the fluctuating prices of crude palm oil and other vegetable oils.

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

Original content

Reporter: Ratih Waseso | Editor: Khomarul Hidayat KONTAN.CO.ID - NUSA DUA. The demand for sunflower seed oil is predicted to increase. Dorab Mistry, a palm oil observer and director at Godrej International, said that there would be a rush of sunflower seed oil if the current war between Russia and Ukraine was over. After the war, the demand for large quantities of sunflower seed oil will increase. Likewise, rapeseed and canola oil production in 2022, experienced a major recovery. Canola oil will cater to the American domestic market. Meanwhile, mustard seed production in India will set a new record in 2022-2023. On the other hand, Brazil is expected to harvest more than 150 million tons of soybean oil. This can be a threat to Indonesian palm oil. "Palm oil is very competitive today but not so competitive in 2023 if we have a large soybean crop in South America," said Dorab at the 2022 Indonesian Palm Oil Conference (IPOC) in Nusa Dua, Bali, Friday (4/11). . With this potential ...

Source: Kontan