Ukraine's Port Blockade Cuts Vegetable Oil Exports in Half

Ukraine's oil exports have been severely impacted by the ongoing port blockade. According to Stepan Kapshuk, Director General of the Ukroliyaprom Association, the country is now exporting around 300,000 tonnes of vegetable oil per month, which is roughly half of its previous volumes.

This drastic reduction in oil exports was reported as a result of the suspension of maritime exports. Specifically, sunflower oil exports have slowed to 5,000-7,000 tonnes per day, with an additional 2,000-3,000 tonnes of rapeseed and soybean oil being exported daily.

The sharp decline in purchase prices for sunflower seeds can be attributed to the difficulties in exporting finished oil products. The market is currently struggling with product deliveries and a significant shortage of transport and storage facilities.

However, Kapshuk remains optimistic that these logistical obstacles will be resolved within two to three weeks. Additionally, he predicts that Ukraine's oil production could reach 7 million tonnes by the end of the year, with only around 300,000 tonnes being required for domestic consumption.