Global production of rapeseed oil in 2024/25 MY may increase slightly

According to Oleoscope analytical agency, in 2023/24 MY the world production of rapeseed oil increased by 4.4% to 34 mln tonnes, and in 2024/25 MY it may increase by 0.5%. Global oil exports in MY 2023/24 increased by 13% to 7.4 mln tonnes, and in 2024/25 MY they will increase by 6% to 7.8 mln tonnes.

In MY 2023/24, the main producers of rapeseed oil were the following countries:

• EU – more than 10 mln tonnes (in the current season it will reduce the production by 2.3%),
• China – 7.7 mln tonnes (in the current season, the production will decrease by 1.5%),
• Canada – 4.7 mln tonnes (in MY 2024/25 will increase production by 8%),
• India – 3.9 mln tons (will increase production by 2%),
• Russia – 1.2 mln tonnes (in MY 2024/25 will increase production by 38% to 1.7 mln tonnes).

The leading exporters of rapeseed oil in MY 2023/24 were:

• Canada – 3.4 mln tonnes (+20% in the current season),
• Russia – 1.2 mln tonnes (+24%),
• EU – 741 thsd tonnes (-10%).

In 8 months of 2024, Russia reduced the exports of rapeseed oil to China by 1.5 times, and also reduced the supplies to the EU.

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Tags: rapeseed oil