Vegetable oil exports from Russia to African countries may increase 1.5 times in 2023

Oil & Fats

Russia

Market & Price Trends

Published Dec 1, 2023

Tridge summary

The Russian Federation is expected to increase its oil exports to African countries by almost 1.5 times in 2023 compared to the previous year, with shipments of sunflower oil predicted to increase by approximately 2.5 times. Egypt and Sudan were the main buyers of Russian oil, with Tunisia and Libya also showing significant increases in demand. However, the export of soybean oil from Russia to Africa has decreased, mainly due to a reduction in sales to Algeria and a lack of deliveries to Tanzania and Tunisia.

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

According to the results of 2023, the Russian Federation can export more than 850,000 tons of oil to African countries, which will be almost 1.5 times more than the figure of the previous year. The specified increase will take place against the background of an expected increase in shipments of sunflower oil - approximately 2.5 times, Moscow Interfax reports with reference to the assessment of the OleoScope agency. As specified, for 10 months of the year Russia sent 652,000 tons of oil to Africa against 446,000 tons in the same period last year. The increase in shipments was observed against the background of a noticeable increase in oil exports - from 178,000 tons to 419,000 tons, the analyst noted. The main buyers in January-October were Egypt and Sudan, where 303,000 tons (2.2-fold increase over the year) and 71,000 tons (2.3-fold increase) were sent, respectively. In Tunisia, the demand increased almost three times, up to 30 thousand tons. Exports to Libya increased 37 times, ...

Source: Agroconf