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Vegetable oil which is derived oil seeds and oil crops is used for cooking, making a wide variety of products and for other applications worldwide. The prices of the different kinds of oil in various countries will vary to a large extent depending on the global oilseeds and oil crops production. In case there is a decline in the production of the oilseeds and other oil crops, due to weather conditions like drought, or other reasons, the price of the oil will increase. Trade wars can also lead to increase in the tariffs of the oils and oilseeds exported from some countries.
Globally soyabean is the major oil crop, and is grown in many countries worldwide like the United States, China, Canada, India, Ukraine. In 2018-2019, the soyabean production was approximately 360 million tonnes worldwide. Rapeseed is another oilseed grown in large quantities in the European Union and China and the harvest in the last year is estimated at around 75.6 million tonnes. Other major oilseeds and crops are sunflower seed, cotton seed, peanuts, palm kernel and copra from coconut trees. Usually there is an increase in crop yield, however in some cases like sunflower seed, there has been a decline.
It should be noted that the amount of oil which is produced is not directly proportional to the oil seed production. Worldwide palm oil is the vegetable oil with a production of 73.5 million tonnes by weight, while only 57 million tonnes of soyabean oil were produced according to sources like Statista in 2018-19. This is because the oil content of the various oil seeds is different. Indonesia and Malaysia are the largest producers of palm oil. In addition to oil, the oil seeds and oil crops are processed further to produce oilseed cakes and other products which vary depending on the specific crop.