Global oil prices are hitting record highs: what are the prospects for Ukraine?
27 July 07:18
Global prices for vegetable oils continue to rise amid rising oil prices and the escalating situation in the Middle East. At the same time, Ukraine’s domestic market remains under pressure due to weak demand, problems with maritime exports, and buyers’ expectations for the new harvest. This was reported by "Komersant Ukrainian", citing Agronews.
One of the main factors supporting the market has been the sharp rise in oil prices. Over the past two weeks, Brent crude oil futures have risen by 22%, and by 7% in the last week alone.
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The Ukrainian market is facing difficulties due to the near-complete halt in maritime exports. Constant Russian attacks on port infrastructure and threats to shipping are limiting product shipments, which is negatively affecting domestic purchase prices.
The rapeseed market is showing the strongest growth. Analysts predict that, due to reduced exports, Ukraine will increase domestic rapeseed processing and ramp up rapeseed oil shipments to EU countries via land routes.
The soybean oil market is also showing positive momentum. Palm oil, on the other hand, is rising in price more slowly. The situation in the sunflower oil market remains mixed. In India, import prices have risen slightly due to reduced shipments from Ukraine and Russia.
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