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المشهد العربي
Palm oil hits 20-month high
Palm oil prices reached their highest levels in 20 months, rising by 1.7% to reach 4,977 ringgits per ton. This increase was driven by global demand for biofuel alternatives and concerns over supply disruptions due to the El Niño phenomenon. This comes amidst Indonesia’s efforts to promote the use of palm oil in the energy sector and to reduce exports, as well as drought waves impacting Malaysia and Indonesia, the largest producers of the oil, which are putting pressure on global vegetable oil production.
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