Another Indonesian oil export attempt foiled

After Indonesian authorities caught 2 ships trying to smuggle crude palm oil out of the country earlier this month, they have now foiled yet another oil export attempt. Indonesia’s trade ministry released a statement yesterday saying that authorities seized a ship headed for East Tamor on April 28. Indonesia banned crude palm oil exports last month in order to control its skyrocketing price. The country’s farmers support the ban, saying it’s necessary for palm oil’s supply and affordability. But the ban has threatened food prices across the globe, and placed extra pressure on already steep cooking oil prices worldwide. Palm oil is only grown in the tropics, and is by far the most consumed and traded edible oil in the world. It is used to make detergents, margarine, soaps, chocolates, cakes, and cleaning products, among other things. It’s estimated that, when walking into a convenience store in Asia, almost 50% of the products would involve palm oil in their manufacture or are an ...