Эксперт NTI Чарный: неурожай оливок в Европе повысит спрос на подсолнечное масло из России

Published Aug 8, 2022

Tridge summary

An expert from the FoodNet working group of the National Technology Initiative, Mikhail Charny, has warned of a potential decrease in the olive harvest in Europe due to abnormal heat and drought, which could lead to a global olive oil production decline of 11% in the 2022-2023 agricultural year. This situation is expected to result in a market shortage and an increase in demand for sunflower oil, particularly from Russia, as other oilseeds are also affected by the drought. The recovery from this shortage is predicted to be slow due to the nature of olive trees, leading to a prolonged period of market imbalance and potentially higher prices for oilseed products and food in general.

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Original content

Abnormal heat and drought in Europe bear the risk of a decrease in the olive harvest, which will entail some shortage of olive oil on the world market, which, in turn, may increase demand for sunflower oil from Russia, a leading expert of the FoodNet working group of the National Technology Initiative told RIA Novosti (NTI) Mikhail Charny. According to the USDA, global olive oil production is expected to decline by 11%, to 2.9 million metric tons, in the 2022-2023 agricultural year. “You have to understand that the drought has hit not only olive crops, but all oilseeds in general: corn, sunflower. And in this situation, the sunflower reserves that Russia has will now be in great demand both in the form of seeds and in the form finished product, and in the form of oil," Charny believes. He said that in a number of regions of traditional cultivation, olive trees began to shed their leaves - "this is an extremely negative factor." "This means that the market will recover much more ...

Source: Oilworld