Record rapeseed processing in Poland may impact oil prices amid rising biofuel demand and concerns over future supply.
Polish rapeseed processors, part of the Polish Oil Producers Association (PSPO), set a record by processing 1.81 million tons of rapeseed in the first half of 2024, surpassing 2023’s 1.69 million tons. The total for the 2023/2024 season reached a historic 3.63 million tons.
Increased Oil Production
In the first half of 2024, crude oil production amounted to 774,000 tons, close to the record-breaking 781,000 tons in late 2023. Of the 1.56 million tons of total rapeseed oil supply, two-thirds were used for biofuel components.
Challenges Ahead
Despite the successes, concerns loom for the upcoming season. Lower harvests and limited import capacity may reduce production, especially as a portion of the crop will be exported to Germany. Experts warn that maintaining these high processing levels may be challenging.