EU: Vegetable oil prices are supported by increasing demand from India

Updated Jun 8, 2022
The EU's decision to impose sanctions on Russia and cut its oil imports by 90% by the end of the year had led to higher oil prices, but an agreement with Venezuela and Saudi Arabia to supply oil to Europe halted rising prices. July futures for Brent oil remain high at $ 120 / barrel and for WTI oil at $ 119.3 / barrel. Rising oil prices have halted falling oil prices, which returned to previous highs last week. The Egyptian GASC is holding an international tender for the purchase of 30,000 tons of soybeans and 10,000 tons of sunflower oil, as well as a domestic tender for the supply of 3,000 tons of soybeans and 1,000 tons of sunflower oil, the results of which will be announced on June 8. Against the background of the decision on duty-free import of 2 million tons of vegetable oils in May compared to April, imports of sunflower oil from 67.8 to 123.9 thousand tons, primarily due to supplies from Russia, soybeans - from 315.8 to 352.6 thousand tons, and palm - by 15% to a ...
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