Vegetable oil prices follow petroleum prices higher after OPEC refuses to boost production

Around the world, vegetable oil prices have strengthened on the back of higher petroleum prices, 19% higher over the past two weeks at around $55 per barrel. Oil prices have shot up after OPEC countries decided they wouldn’t increase production. The USDA says some analysis shows oil prices topping $60 during the early parts of 2017. Even with higher prices, the significant availability of RINs in the market for compliance means a tight market won’t be as tight as it would have been without the paper credits.