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Indonesia is endowed with abundant natural resources. One of them is oil palm that produces the versatile palm oil, one of the main vegetable oils that dominate the global market.

Indonesian authorities in late May seized 11.8 trillion rupiah (S$928 million) from global palm oil company Wilmar : F34 0% as part of an ongoing corruption case involving allegations of bribery to obtain palm oil export permits in 2022

Palm oil cultivation, a cornerstone of the agricultural sectors in Malaysia and Indonesia – two of the world’s largest producers – has been beset with controversies over the past two decades due to the indirect land use change that its cultivation can cause.

Malaysian palm oil futures closed higher on Wednesday, supported by gains in rival soyoil in Dalian and Chicago markets and a weaker ringgit.

Malaysian palm oil futures recovered on Wednesday after losses in the previous session, supported by gains in rival soyoil in Dalian and Chicago markets and higher crude prices.

Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters

Palm oil jumped above 4,000 ringgit (the main currency for palm oil trading), tracking a rise in soybean oil prices, which have surged on Washington’s proposal to allow refineries to produce and blend record amounts of biofuel into gasoline and diesel next year.

Agribusiness giant Wilmar Group said on June 17 it had handed over 11.8 trillion rupiah (S$927 million) to Indonesia’s Attorney-General’s Office as a “security deposit” in relation to a case in court about alleged misconduct in obtaining palm oil export permits.

Palm oil stocks in Malaysia jumped to their highest level in eight months in May as a surge in production and imports countered exports, which rose to their highest in six months, according to Malaysian Palm Oil Board (MPOB) data

Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies.

The impact goes beyond cooking oil shortages—key industries like food, tourism, and manufacturing are also feeling the pressure, making it harder for the country to recover from its recent economic crisis.

Food company Wilmar Group (WLIL.SI), opens new tab said on Tuesday it had handed over 11.8 trillion rupiah ($725 million) to Indonesia's Attorney General's Office as a "security deposit" in relation to a case in court about alleged misconduct in obtaining palm oil export permits