As much as 60% of Black Sea sunflower oil exports could be delayed following Russia's invasion, making price rises unavoidable as global demand outstrips supply.
Edible oil prices face further turmoil as Indonesia imposes curbs on its palm-oil exports and the war in Ukraine dents the worldwide supply of sunflower and rapeseed oils. More than 75% of all sunflower oil exports come from Russia and Ukraine, with over 50% from the latter alone. Furthermore, 15% of rapeseed oil on world markets typically comes from these two countries too.
As much as 60% of Black Sea sunflower oil exports could be delayed following Russia's invasion, resulting in unavoidable price rises as global demand far outstrips supply. The situation is so dire that Beacon supply partner, Olleco has informed us that they will be running out of specific stock over the coming weeks. In an attempt to improve the situation, they are having regular meetings with their suppliers. However, some of these are not even offering prices, as they have no stock to sell. Consequently, Olleco can only fix Rapeseed and Vegetable Oil prices for the next 6-months and will be contacting their customers with pricing over the coming weeks.