The world’s supply of cooking oil — already squeezed by war — is getting smaller.
Two months after Russia’s invasion of Ukraine upended global agricultural trade, Indonesia is set to ban exports of cooking oil in the wake of a local shortage and soaring prices, adding to a raft of crop protectionism around the world. The country accounts for more than a third of global vegetable-oil exports, with China and India, the two most populous countries, among its top buyers.
Russia’s invasion of Ukraine has thrown the trade of sunflower oil into chaos and is squeezing already tight supplies of other vegetable oils used in food, biofuels and personal care products. “We are terribly shocked by this decision of Indonesia,” said Atul Chaturvedi, president of Solvent Extractors’ Association of India, and edible oil trade group. “We were not expecting a ban like this.”
For makers of packaged items like chips — whose ingredient lists often allow flexibility by stating the food can contain multiple vegetable oils — the move by Indonesia takes one more oil off an ever-shrinking list. Canadian canola had already climbed to an all-time high last year as devastating drought shrank crops across North American prairies. Palm oil in Asia has risen about 50% and rapeseed in Europe 55% in the past 12 months.
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