OFI International 2024, held from 9 to 11 September at the Rotterdam Ahoy Convention Centre, was an event that brought together 578 participants from 40 countries to discuss crucial issues for the vegetable oils and fats sector. The central themes involved sustainability, processing and trade, with a significant focus on environmental regulations and the impacts of climate change on global supply chains.
Aboissa's participation in OFI International 2024
Aboissa was represented by experts from Sunflower oil and corn oil, Laura Pereira and Zainab Alhamwi, and Executive Director Ariane Aboissa. We are proud to announce that Laura Pereira was also invited to participate as a speaker, speaking about the challenges of soybean oil in the Americas. Laura addressed social and political issues of the main soybean producers in the Americas, namely Argentina, Brazil and the United States. In addition, Laura explored the climate impact on agricultural crops, providing insights into how it affects the supply of commodities, in addition to discussing mitigation strategies. Finally, she presented perspectives on the continent's biodiesel programs, as well as their sustainable regulations and the positioning of the producers mentioned. It was of great relevance at the current moment.
Main contributions from speakers
Other speakers made valuable contributions to the debate. Elwin de Groot addressed the global economic outlook, highlighting the slowdown in China and the United States, as well as geopolitical tensions. He stressed the need for major investments in Europe for the energy transition and the strengthening of industry. His insight showed how these factors directly influence the oils and fats trade.
Gustavo Idigoras presented VISEC, an Argentine platform that promotes sustainability in agri-food value chains, ensuring that products are aligned with global trends. He highlighted the importance of multi-stakeholder governance for global competitiveness.
Kesih van den Berg-Dominicus, representing the Port of Rotterdam, discussed the port’s crucial role as Europe’s largest bio hub and its initiatives to achieve carbon neutrality by 2050. The port handles large volumes of vegetable oils and biofuels, and robust infrastructure is vital for global trade.
Nils Jørgen Selvik from Odfjell highlighted the global operation of its chemical tanker fleet and the focus on decarbonization. He also addressed the growing demand for the transportation of chemicals and vegetable oils. He also discussed the challenges linked to piracy and geopolitical sanctions on trade routes.
GlobalData’s Rohaise Low provided an update on the Renewable Energy Directive (RED III), which doubled the renewable energy target for 2030, and how this impacts the biofuels sector. She discussed the growth of the biodiesel and SAF (Sustainable Aviation Fuel) market and the challenges of increasing the supply of feedstocks such as used cooking oil (UCO).
Perspectives on the oilseeds and biofuels market
Dr. Sergey Feofilov discussed the recovery of oilseed production in Ukraine since the beginning of the war. He analyzed grain margins and exports of oils and meal. In addition, he presented forecasts for 2024. He also highlighted the climate effects on the competitiveness and production of oilseeds, especially in the Black Sea region.
Two of the standout speakers were Thomas Mielke from OIL WORLD and Tom Worledge from Fastmarkets. Mielke is an authority on the global oilseed and vegetable oil markets. In his talk, he highlighted the volatility in prices for these commodities since 2020. This instability has been caused by factors such as insufficient production of palm and sunflower oil. He predicted a possible supply deficit in 2024/25, which could further pressure global prices. Mielke also addressed the continued growth in biodiesel production, highlighting the role of major producers such as the US, Indonesia and Brazil.
Tom Worledge, meanwhile, provided in-depth insights into the global challenges impacting the vegetable oils market, including climate change, geopolitics, inflation and the growing demand for biofuels. He also highlighted India’s role as the world’s largest importer of vegetable oils and discussed the launch of refined soybean oil futures, which help mitigate volatility in the market.
Importance of debates at OFI International 2024
OFI International 2024 demonstrated the importance of global events for the vegetable oils and fats sector, promoting essential exchanges on sustainability, regulations and innovation. The discussions, enriched with insights on production, breakdown, market and the impacts of climate change, reinforce the role of this type of meeting in keeping companies and professionals updated and aligned with the best practices in the sector. Follow our networks to stay up to date with upcoming events and trends shaping the market.
