According to the results of this year, the Russian Federation can send abroad up to 950,000 tons of rapeseed oil. This is a record, and besides, it is much more than last season: 800,000 tons.
As noted in the Russian Oil and Fat Union, this year it is quite possible to produce 1 million tons of rapeseed oil and up to 1.4 million tons of cake.
Compared to last year, this is an increase of 38% and 75%, respectively. Such a breakthrough was made possible thanks to a good harvest of rapeseed, as well as the development of processing capacities.
At the same time, the Russians themselves practically do not need rapeseed oil, they mainly consume sunflower oil.
So, no more than 50,000 tons of the product is sold to Russian stores per year. But everything else needs to be taken abroad.
Actually, export is the main driver for the development of rapeseed in Russia.
Who are the buyers?
Russia’s position in the world rapeseed oil market is very strong: it ranks third after Canada and Germany.
As for buyers, China is in the first place. It accounts for up to 50% of rapeseed oil supplies.
Also in Latvia and Norway.
True, a lot has changed in the last year due to sanctions, so the EU countries are no longer buying Russian products as actively as before.
However, a replacement was found rather quickly: this season, about 6% of Russian rapeseed oil is purchased by Turkey, which had not previously been an importer of this product from the Russian Federation at all.
Therefore, there are no special problems with finding buyers.
The current situation is not bad for Russian farmers, it can stimulate further increase in production.
“According to our forecasts, next year we will produce 1.44 million tons of rapeseed oil, and everything will be exported, that is, the growth by this year will be 0.5 million tons,” said Mikhail Maltsev, head of the Oil and Fat Union.
What are the prospects?
According to Kirill Lozovoy, an analyst at the OleoScope information and analytical agency, over the first 10 months of this year, about 766,000 tons of oil have already been produced in Russia, while last year this figure was at the level of 734,000 tons.
In general, according to the expert, it can be expected that up to 900,000 tons of oil will be produced this year.
At the same time, it is unlikely that it will be possible to reach the million mark this year, but next year it is quite possible.
“In general, we expect that rapeseed oil production and export volumes will continue to grow due to the attractiveness of the rapeseed growing and processing business, as well as due to high demand for the finished product in the global market, in particular in China,” he added. .
