OilWorld experts have increased their assessment of global vegetable oil production

The global production of ten main types of vegetable oils in the season-2023/24 may reach about 258.05 mln tons. This forecast was published by analysts of the Hamburg-based OilWorld agency (Germany), who increased the estimate of the production by 1.7%.

The updated result is almost 2% higher than the final figure for the previous agricultural year (253.78 million tons).

At the same time, the forecast of global oilseed exports for the current season is maintained at 97.58 mln tonnes, compared to 99.65 mln tonnes in 2022/23 MY.

On the contrary, the consumption estimate was increased by 3.2% to 259.14 mln tonnes (251.07 mln tonnes in 2022/23 MY).

Tags: edible oils