Top buyer India’s sunoil imports to fall as Black Sea grain deal expires
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REUTERS/Pavel Polityuk/File Photo
MUMBAI, July 19 (Reuters) – India’s imports of sunflower oil are likely to fall in the coming months as it becomes uncompetitive against rival oils due to rising prices after Russia withdrew from the Black Sea grain deal, industry officials told Reuters.
The drop in sunflower oil imports would force the world’s biggest buyer of vegetable oils to increase purchases of palm oil and soyoil to compensate.
A year-long deal allowing the safe Black Sea export of Ukraine’s grain expired on Monday after Russia quit and warned it could not guarantee the safety of ships, in a move the United Nations said would “strike a blow to people in need everywhere”.
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