InfoSAWIT, JAKARTA – (Crude) palm oil would be th important component in the vegetable oil trade globally in 2024. For its status as the vegetable oil within the most consumption in the world, palm oil plays its significant roles in many sectors, such as, consumption, new renewable energy industries. In Indonesia itself, about 60% of the total palm oil production was about to export to more than 160 countries.
The data from Oil World revealed that CPO in 2024 was about US$ 937 to US$ 1.147 per ton. The relative expensive price showed that the commodity would be always the main actor in the international scale – trade.
But palm oil industries faced the challenges both in and out of this country. In this country, the issues are about the stagnant production, the uncertainty of policy(ies), and the age of plants that would need replanting program. The external issues would be about the balance of supply and demands of vegetable oil, the negative campaigns, and geopolitical situation in Europe and Middle East. One global scale challenge is about European Union Deforestation Regulation (EUDR).
The Treasurer of Indonesian Palm Oil Association and also the Chairman of the 2024 Indonesian Palm Oil Conference (IPOC), Mona Surya said that there would be risks from EUDR. “It would significantly deliver the impacts for the smallholders in palm oil producer countries, such as, Indonesia that contributed 41% and Malaysia that contributed 27% of the total vegetable oil production globally,” Mona said, as InfoSAWIT quoted, Wednesday (23/10/2024).
To respond the uncertainty, IPOA would conduct the 20th Indonesian Palm Oil Conference and 2025 Price Outlook 2024 (IPOC 2024) on 6 - 8 November 2024 at Bali International Convention Center, The Westin Resort, Nusa Dua, Bali Province. The conference would take the theme “Seizing Opportunities Amidst Global Uncertainty” and should be the strategic even for every planter to discuss the chances in the global scale – dynamics.
It was planned that the conference would be inaugurated by Coordinator Minister in Economy and would present some ministers, such as, minister of agriculture, minister of trade, and minister of national development plan/national development plan agency, to deliver their insight about vegetable oil situation in the globe as the main focus.
Some vegetable oil experts, such as, Thomas Mielke of Oil World, Julian McGill of Glenauk Economics, Nagaraj Meda of Transgraph, and Dorab Mistry of Godrej International Ltd., would attend to tell their opinions about the price trend in the future. (T2)
