Zuraida said a working committee has been set up to assist Indonesia, the world’s biggest palm oil producer, in reducing its stock.

“As members of the Council of Palm Oil Producing Countries, we have to help each other,” she said at the closing ceremony of the Malaysia International Agricommodity Expo and Summit (MIACES) 2022 last night.

According to news reports, Indonesia’s palm oil exports have not gone back to normal levels despite the lifting of its export ban on May 23.

The export ban required Indonesia’s palm oil producers to show proof of their domestic sales before they could secure their export permits – a move which led to increasing stock, and subsequently, falling prices.

Palm oil prices began to decline rapidly after Indonesia lifted the three-week ban, followed by the country’s waiving of export levy for all palm oil products from July 15 to Aug 31, 2022.