World production of rapeseed oil may increase slightly in 2024/25

According to the analytical agency Oleoscope, in 2023/24 MY the global production of rapeseed oil grew by 4.4% to 34 million tons, and in 2024/25 MY it may increase by 0.5%. World oil exports increased by 13% to 7.4 million tons in FY 2023/24, and will increase by 6% to 7.8 million tons in FY 2024/25.

In 2023/24 MR, the main producers of rapeseed oil were:

• EU - more than 10 million tons (production will decrease by 2.3% in the current season)
• China - 7.7 million tons (in the current season will reduce production by 1.5%)
• Canada – 4.7 million tons (in 2024/25 MR will increase production by 8%).
• India - 3.9 million tons (will increase production by 2%)
• Russia - 1.2 million tons (in 2024/25, the Republic of Moldova will increase production by 38% to 1.7 million tons).

The leaders in the export of rapeseed oil in 2023/24 were:

• Canada – 3.4 million tons (+20% in the current season),
• Russian Federation - 1.2 million tons (+24%)
• EU – 741 thousand tons (-10%).

In 8 months of 2024, the Russian Federation reduced the export of rapeseed oil to China by 1.5 times, and also reduced deliveries to the EU.