About 380,000 tons of sunflower oil destined for shipment from the Black Sea region to India are stuck at ports and producers, and new purchases have stopped after ports stopped operating due to Russia’s invasion of Ukraine.
This was reported by four traders, ProAgro Group informs, citing Reuters.
“According to the traders, it is not yet clear when $570 million in current prices from Ukraine and Russia will resume loading, pushing Indian buyers to replace sunflower oil with soybean oil and palm oil with deliveries in March and April,” the agency noted.
The Black Sea region accounts for 60% of global production and 76% of exports, and India is the world’s largest importer of edible oil.
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