How the war in Ukraine is affecting global oil prices (Tasting Table)  

Tasting Table published an article stating that according to IFPRI, supplies of sunflower oil which makes up 13 percent of the edible oils used in kitchens around the world today, continue to be squeezed thanks to the ongoing war in Ukraine.  IFPRI stated that there are no quick fixes for the global sunflower oil shortage, as multiple factors are contributing to the issue. Russia’s invasion could not have happened at a more inopportune time for the global cooking oil market. IFPRI said that even before the war, climate change and lower-than-expected crop yields were already wreaking havoc on soybean crops meant to be used for oil in South America, setting the stage for tighter vegetable oil supplies all around. The Institute now says how long vegetable oil prices will remain elevated depends on when peace can be restored to Ukraine and its production facilities get back up to speed. Before that happens, there is no telling how high prices will go, or for how long they are meant to stay this way (see the blog post, The impact of the Ukraine crisis on the global vegetable oil market).