The Russian Federation has sharply increased oil exports against the backdrop of a drop in Ukraine's share in the world due to the war

Published 2022년 11월 30일

Tridge summary

In the September-October period of 2022, the Russian Federation experienced a significant surge in sunflower oil exports, reaching 344,600 tons, which is more than double the exports of the previous year. The main importers of Russian sunflower oil were Turkey, China, and India, accounting for 136,000, 82,000, and 34,000 tons, respectively. This increase in exports is linked to a rise in production, favorable global prices, a zero export duty on sunflower oil, and a decrease in supplies from Ukraine. As of November, the cost of sunflower oil from Russia was approximately $1.26 thousand per ton, with no export duty imposed since October, a situation that will persist until the end of the year. The weak market presence of Ukrainian sunflower oil has further boosted the demand for Russian products.

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Original content

In the first two months of the season (September-October 2022), the Russian Federation exported 344,600 tons of sunflower oil - this is more than twice as much as in 2021. "Kommersant" writes about this with reference to market participants. It is noted that the main buyers were Turkey, China, and India, which imported about 136,000, 82,000, and 34,000 tons of oil, respectively. Market participants attribute the increase in exports to the increase in production of sunflower oil this season, as well as favorable conditions: attractive global prices, zero export duty and a reduction in supplies from Ukraine. According to Sovekon, sunflower oil from Russia currently costs about $1.26 thousand per ton, which roughly corresponds to last year's level. Since October, a zero duty has been imposed on its export from the Russian Federation. In December, the duty will also remain zero. Dmytro Rylko, Director General of the Institute of Agricultural Market Conditions, stated that the export ...

Source: Epravda