The severe drought in Europe has Sunflower seeds significant damage was inflicted, which is why the analysts at Oil World raised their forecast for oil production in the EU in 2022/23 to 9,81 million Tonnen compared to 10,5 million tonnes in 2021/22, despite the expansion of the cultivated area to 4,9 (4,52) million Hektar.
In particular, experts have forecast the oil season in France at 1,6 million tons compared to 1,9 million tons last year, as well as in Romania at 2,6 (3) million tons, Hungary at 1,7 (1,8) million tons and Spain reduced to 0,7 (0,8) million tons.
It is also forecast that 2022/23 oil reserves could fall to 1,15 million tonnes from 1,5 million tonnes in the previous season amid the cut in the EU sunflower harvest.
At the same time, the analysts released the forecast for the rapeseed harvest in the EU increased by 2022 million tonnes to 23 million tonnes in 0,4/18,88 thanks to increased adjustments for France to 4,35 million tonnes (3,43 million tonnes in the 2021/22 season). In addition, growth in oil production in Germany is forecast – to 4 (3,61 million tons). According to analysts from Oil World, rapeseed imports from EU countries could increase slightly in the current season - to 5,7 million tons compared to 5,62 million tons in 2021/22.