OPEC+ Anticipated to Ramp Up Production in 2025

Mumbai, 9 Sep (Commoditiescontrol): According to S&P Global, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are likely to increase oil production in 2025, marking the group's first production boost in years. Jim Burkhard, vice president of research at S&P Global Commodity Insights, revealed this outlook at the APPEC conference on Monday, noting substantial pressure within some member countries to escalate production levels, with some already exceeding expectations.

Impact on Vegetable Oil Markets: The prospective increase in crude oil production could ripple through the global commodity markets, notably impacting vegetable oil prices. Vegetable oils, often used as biofuel feedstocks, could see price adjustments due to shifts in crude oil prices. An uptick in crude oil supply tends to lower petroleum prices, potentially making biofuels less economically attractive in comparison. This scenario might lead to a dip in vegetable oil demand in the biofuel sector, thereby influencing veg oil prices negatively in the coming days. (By Commoditiescontrol Bureau: 09820130172)