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World oil prices have risen to historic highs – UN

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The price increase is due to strong domestic and international demand amid limited supply, especially in Western Europe.

World butter prices hit a new record high in November. This is stated in the monthly report of the UN Food Organization (FAO).

It noted that the price increase was related to strong domestic and international demand against the backdrop of limited supplies, especially in Western Europe.

In the European Union, the price of oil has increased by almost 50% since the beginning of 2024. In November, butter futures on the main exchange floor of the European Energy Exchange traded at 7,900 euros per ton. The record price was recorded at the end of September – 8,260 euros per ton.

The increase in butter prices is also related to the increase in world milk prices due to the decrease in production in Europe. Some of the negative effects are offset by increased production in Oceania.

In addition, prices for raw materials for vegetable oils – palm, rapeseed, soybean and sunflower – have increased, reaching their highest level since 2022. The price increase is due to the decrease of global supplies.

Due to rising prices for dairy products and oil, the FAO Food Price Index (FFPI) reached its highest level since April 2023, at 127.5 points in November 2024.

Let’s recall that in Ukraine in the 2023-2024 marketing year (MY), the volume of sunflower oil production (+13.7%) and export (+17%) increased compared to the pre-war 2020-2021 MY.

In Russia, butter is stolen from stores because of the high price
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Source: korrespondent

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