Malaysia, Indonesia pledge cooperation to reduce palm oil supply, stabilize prices

Malaysia and Indonesia announced that they would cooperate to stabilize prices for palm oil, which have plummeted since the summer. The two countries control 85 percent of global palm oil production. The countries said they will take steps to manage palm oil stocks and reduce supply by accelerating replanting of older oil palm trees. The two countries also said they would focus on implementation of biofuels and address non-tariff barriers for palm oil based biodiesel.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Malaysia, Indonesia to increase palm oil biodiesel production up to 40 percent in bid to raise palm oil prices

In Indonesia, the governments of Malaysia and Indonesia have agreed to increase palm oil biodiesel production to reduce palm oil stockpiles and provide a boost to crude palm oil prices, which have fal...

Indonesia’s palm oil chief says prices will rise on biofuels demand; credit crisis will have limited impact

In Indonesia, the chairman of the Indonesian Palm Oil Association said that the credit crisis would have only a limited impact on palm oil prices, and predicted that increased demand from biofuels wou...

Indonesia, Malaysia partner to prop up crude palm oil prices; accelerate $200 million replanting program

In Malaysia, the Indonesian and Malaysian governments announced that they would join forces to help prop up the price of crude palm oil. CPO has fallen from a high of more than $1000 earlier this year...

Indonesia slaps 20 percent export duty on crude palm oil

In Indonesia, the central government imposed a 20 percent tariff on export of crude palm oil, in an attempt to reduce prices in local Indonesia markets. The taxes will be imposed as of April 1, with t...

Crude palm oil prices hit record close of $1,071 per tonne as Indonesia imposes export tax to protect domestic food prices

In Malaysia, crude palm oil (CPO) hit a new record closing price of $1,071 per tonne after Indonesia announced increased export taxes in a move to reduce the pressure on domestic food prices. Indonesi...

Indonesian, Thai and Philippine palm cultivation to increase to 5 million acres to support biodiesel production

A roundup of Southeast Asian biofuel plans shows that Indonesia plans to reserve 13.5 million acres for biofuels by 2010, of which 3.7 million acres will be palm oil plantations. Thailand has indicate...