Production and export of vegetable oils in Russia: forecast for 2024

Executive Director of the Oil and Fat Union of Russia, Mikhail Maltsev, said that thanks to the record harvest of oilseeds, the production of vegetable oils in 2024 will increase by 5% and reach 9.5 million tons. He noted that if farmers do not artificially restrain sales and capacity utilization is uniform, then 7.2 million tons of sunflower oil alone will be produced. Soybean oil production is forecast to be 1.05 million tonnes, while rapeseed oil production is forecast to decline to 1.2 million tonnes due to lower gross harvests and increased rapeseed exports. According to the Oil and Fat Union, in 2023, the production of sunflower oil amounted to 6 million tons, soybean oil - 980 thousand tons, and rapeseed oil - 1.44 million tons.

Maltsev also noted that the Oil and Fat Union expects that in 2024 Russia will become the world leader in the export of sunflower oil, increasing supplies by 20% compared to 2023, to 5.1 million tons. He added that total exports of vegetable oils are expected to be 7.1 million tons, including 1.1 million tons of rapeseed oil and 850 thousand tons of soybean oil.

In 2023, Russia exported more than 6.5 million tons of vegetable oil, which is 33% higher than in 2022. Supplies of sunflower oil amounted to 4.29 million tons (+31%), soybean oil - 668 thousand tons (+8%), rapeseed oil - 1.55 million tons (+58%).