The tense situation in the Red Sea will force India to increase oil supplies from South America

India, the world's main importer of sunflower oil, gets most of it from the Black Sea region via the Red Sea. But because of Hussite attacks, shipowners are diverting ships from Europe to Asia, bypassing Africa, which increases shipping time and cost. Argentinian sunflower oil prices are now lower than Black Sea sunflower oil, so India may switch to buying oil from South America. Sunflower oil prices in India surpassed soybean oil prices for the first time in a year amid higher freight costs, according to broker Sunvin Group. "During the last months, the import of sunflower oil was stable due to a better price for it than for soybean oil, however, after the increase in the price of freight, this advantage was lost," the company's experts note. Imported crude sunflower oil in India is currently being offered at $943/t CIF (cost, insurance and freight) for delivery in February, while crude soybean oil is being offered at $935/t and crude palm at $933/t. Two months ago, sunflower oil ...