Growth in consumption of palm oil is showing no sign of letting up. Following growth equivalent to two times that of production in 2018/2019, global consumption is set to exceed global output by 1.8 million tonnes in 2019/2020. This is detailed by the US Department of Agriculture (USDA) in its latest report on oil markets. The two world leaders, Malaysia and Indonesia, have seen production stagnate or even drop. The reserves accumulated in 2018/2019 will be used to reduce this imbalance. In 2018/2019, global palm oil production reached 74 million tonnes.
Source: Ecofin Agency