MPOB forecasts increase in palm oil production in Malaysia in 2024

Malaysia’s palm oil production in 2024 should reach 18.75 million tons on the back of improved working conditions, industry regulator Malaysian Palm Oil Board (MPOB) said on Thursday.

MPOB Director General Ahmad Parviz Ghulam Kadir told a seminar that the world’s second-largest producer’s stocks are expected to be around 1.95 million metric tons this year, down from 2.29 million tons in 2023.

Exports are expected to reach 15.6 million tons, up from 15.1 million tons last year, while the price of crude palm oil should range between 3,900-4,200 ringgit per ton, he said.

According to him, 2023 showed mixed results, while 2024 is expected to show better results with an improvement in most key indicators.

Tags: Malaysia, palm oil, crop forecast