KUALA LUMPUR : State agency the Malaysian Palm Oil Council on Wednesday lowered its production outlook for the world's second largest producer and pegged prices to remain above 6,000 ringgit a tonne this year.
The world will see higher demand for oils and fats in 2022, and global palm oil dependency will continue to rise, said Mohd Izham Hassan, MPOC deputy director.million metric tonnes and palm oil share could be as high as 60 per cent," he added. "Lower than expected supplies, higher demand, volatility of Brent crude oil prices and geopolitical tensions remain factors in determining price direction," Mohd Izham said.
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