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High global demand and reduced supply of vegetable oils have led to higher prices. The export price of Russian sunflower oil delivered from Novorossiysk has increased by 11% in a month and by more than 40% in a year. This has an impact on domestic prices, which have increased by 25% since September. However, rising export duties may further constrain the dynamics.

Global olive oil production forecast to recover in 2024/25 Global olive oil production in 2024/25 is expected to reach almost 3.1 million tonnes, up 27 per cent from last year.

The Council of Palm Oil Producing Countries (CPOPC) said that the EUDR could have a major impact on the palm oil industry.