The Indonesian Palm Oil Association (GAPKI) predicts that the country's palm oil production in 2024 could either remain stable or decrease by 5% from 2023, with estimates putting the output at 52-53 million tonnes. This is a decrease from the record 54.8 million tonnes produced in 2023. The decrease is attributed to aging trees, a lack of workers, and lower than normal rainfall in July 2024 in a third of Indonesia's major palm oil growing regions, a trend expected to continue into August 2024. The US estimates that global palm oil inventories are nearing a three-year low, and Malaysia, the world's second-largest grower, is also experiencing supply issues.