Experts Oil World has lowered the forecast of world production of biodiesel by 6%
Analysts Oil World lowered its forecast for global biodiesel production in 2020 to 43 million tonnes, 2.7 million tonnes will yield to the level of 2019, although earlier volumes of biofuel production has been increasing yearly, in particular in 2019 by 3.96 million tons, and in 2018 by 5.08 million tons.
it is Expected that compared to last year, Indonesia will reduce production of biodiesel from 7.48 to 7 million tons, the EU – from 15.08 to 13.95 million tons, Argentina – from 2.15 to 1.65 million tonnes, in Thailand – from 1.55 to 1.42 million tonnes, Malaysia – from 1.2 to 1 million tonnes, while Brazil will increase from 5.16 to 5.35 million tonnes, and the US – from 7.35 to 7.4 million tons.
reduction in the production of biodiesel in the first place will reduce the consumption of palm oil has grown due to the capacity of its processing into biofuel.
it is predicted that in near future India, which is a major buyer of vegetable oils, will reduce their imports.
currently palm oil prices in the wholesale market is 15% higher than locarnini level 83 RS/kg, while soybeans by 12% and account for 87 rupees/kg, according to the company Sunvin Group.
After significant price increases for palm oil recent months, markets may consolidate, so we are closely watching the build-up of production in Malaysia and Indonesia, told the Indian Association of vegetable oils producers. According to their estimates, the import of palm oil in September and October, will amount to 0.7 million tons, and before the end of the year 0,6-0,65 million tons.
the prices of food oils to consumers at the beginning of the festive season in India will fall on the background of projected growth in oil crops and due to the increase in palm oil inventory in Malaysia and Indonesia.
the Share of palm oil is 60% of the annually imported to India 15 million tonnes of vegetable oils, so the decline in world prices for palm oil increased soybean production by 15-20% will reduce domestic prices in India for all food oil, starting from 3 quarter.
