Cooking oils are all expected to be in shorter supply in the coming months, including vegetable oils.
The most used cooking oil, globally, is palm oil, and it is already up 50 percent. Canola is up 55 percent. A director at a public research university in Nova Scotia says that every restaurant and home kitchen uses these oils and takes them for granted. He says that between weather and political events, a perfect storm is currently in the works.
“Because of everything that’s going on right now, it’s the perfect storm. There’s the Ukrainian conflict impacting sunflower oil, and with palm oil, palm oil is in many, many different products we buy every single day, and Indonesia’s decision to halt exports is quite problematic. Things are much tighter,” according to Dr. Sylvain Charlesbois.
Canada is the world’s largest canola grower and exporter. However, due to last year’s drought, the country has had to import canola products just to meet domestic demands.
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