KUALA LUMPUR - Crop-friendly weather over the last few months in top palm oil producers Indonesia and Malaysia will help drive up output of the edible oil, traders and industry players said, underscoring forecasts of record production for 2019.
Record production from the two Southeast Asian countries, which account for over 80 percent of global output, would pressure benchmark prices that recently came off seven-month highs. Malaysian output stood at 19.5 million tonnes in 2018, and charted its highest production on record at 19.96 million tonnes in 2015, according to data from industry regulator the Malaysian Palm Oil Board.
“Where we had delayed rounds last year, we are now recovering, especially in Indonesia’s estates. So this adds to production,” said a Malaysia-based planter.
Controversial topic in light of damage to environment and endangered animals etc
One of the dirtiest industries on Earth.
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