News

Global: Notable oil prediction from FAO

Russia
Ukraine
Published Mar 15, 2022

Tridge summary

The UN Food and Agriculture Organization (FAO) stated that the reduced agricultural production due to the war will pose a food risk in importing countries, and pointed out that it may turn to soy, palm and rapeseed oils as an alternative to sunflower oil in the near future. Russia and Ukraine play an important role in global food production and supply. While Russia is the world's largest wheat exporter, Ukraine is the fifth largest exporter.

Original content

Together they account for more than a third of global grain exports, providing 19 percent of the world's barley supply, 14 percent of wheat and 4 percent of maize. At the same time, they are suppliers of rapeseed and constitute 52 percent of the world sunflower oil export market. The global fertilizer supply, of which Russia is the leading producer, has also intensified. New global food security scenarios based on the Russia-Ukraine conflict will challenge importing countries. QU Dongyu, Director-General of the United Nations Food and Agriculture Organization (FAO), stated that the world may experience difficulties in this regard due to the risks arising from the war between Russia and Ukraine in grain production. “Export prospects for sunflower oil and other alternative oils also remain unclear. Major importers of sunflower oil, including India, the European Union, China, Iran and Turkey, may have a spillover effect on palm, soy and rapeseed oils, other suppliers or suppliers,” ...
Source: Sondakika
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