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India's pursuit of increased ethanol blending in gasoline, as a way to cut the oil products' import bill and reduce carbon emissions, will continue to support global sugar prices.
India’s new bonhomie with the US is evident even in the oil purchases of late. As crude oil imports from Russia exhibit signs of stagnation, India has gradually increased its shipments of the critical commodity from the US, which is clawing back its lost share.
In April 2022, Indonesia (one of the major palm oil producers in the world) announced a ban on the export of palm oil, which resulted in a shortage of edible oils in the global market. It also proved to be a turning point for Thailand, which till then was a minor supplier of crude palm oil (CPO) to India.