News

Iran introduces ban on import of vegetable oils

Refined Sunflower Oil
Iran
Regulation & Compliances
Refined Soybean Oil
Market & Price Trends
Published Oct 25, 2023

Tridge summary

Iran has implemented a ban on the import of soybean and sunflower oils, with the reason for the ban being unclear. This move is expected to increase the supply of sunflower oil on the global market and lead to a reduction in prices. Iran is a major buyer of sunflower oil from Russia, with the country forecasted to import a significant amount of vegetable oils in the coming year.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Let us recall that in early October, the country’s Ministry of Agriculture decided to introduce a ban on the registration of imported raw soybean and sunflower oils, taking into account the need to plan, adjust and regulate the edible oils market. At the same time, market operators note that the reason for introducing the ban is unclear - whether this is caused by an excess supply of these oils on the market or to avoid a further reduction in their prices. It is expected that this move by Iran, one of the main buyers of sunflower oil from Russia, will increase the supply of the product on the world market and reduce its prices. According to the Interfax agency, in the current season (September 2022 – July 2023), the Russian Federation supplied ...
Source: Oilworld
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