- Neutral to Bearish Black Sea spreads: Russia’s 11% YoY growth in soybean oil exports to MENA and 43% revenue share may pressure FOB Black Sea vegetable oil premiums.
- Supportive demand in MENA: Broad-based buying from Algeria, Iran, Saudi Arabia, the UAE, and Israel underpins stable regional demand for Russian soybean oil.
- Stronger Russian export footing: Expanded domestic soybean production and processing capacity in Russia is reinforcing its role as a key MENA vegetable oil supplier.
Russia Captures 43% of Soybean Oil Export Revenue from MENA
Russian soybean oil exports to Middle East and North Africa (MENA) countries reached nearly $290 million in 2025, an 11% increase year-on-year, according to preliminary data from the Federal Center for Agroexport at the Russian Ministry of Agriculture. The MENA region accounted for 43% of total Russian soybean oil export revenue last year, underscoring its role as a core demand hub for Russian vegetable oil.
Algeria, Iran, Saudi Arabia, the UAE, and Israel were the top five MENA buyers of Russian soybean oil in 2025. Agroexport head Ilya Ilyushin highlighted that rising domestic soybean production and expanded processing capacity in Russia have enabled the country to scale up exports to this strategically important macroregion.
Market Impact and Trade Flows
Neutral to Bearish for Black Sea vegetable oil exporters. Russia’s aggressive positioning in the MENA vegetable oils market heightens competition for traditional Black Sea suppliers, particularly Ukraine. The 11% year-on-year export growth and the MENA region’s 43% share of Russian soybean oil revenue point to a sustained push to capture Middle Eastern demand.
For traders, this dynamic implies tighter competition for MENA-bound vegetable oil cargoes and potential pressure on FOB Black Sea premiums as Russian-origin supplies remain abundant and diversified across multiple destinations. Broader distribution of Russian soybean oil within MENA reduces concentration risk and signals resilient demand fundamentals across the region’s key importers.
| Metric | 2025 Value | Change YoY |
|---|---|---|
| Russian soybean oil exports to MENA (value) | $290 million | +11% |
| MENA share of Russian soybean oil export revenue | 43% | n/a |
Key MENA Buyers
The leading MENA importers of Russian soybean oil in 2025 were Algeria, Iran, Saudi Arabia, the UAE, and Israel. This diversified buyer base helps sustain export flows and reduces Russia’s exposure to single-market demand shocks.
Source: Market Data
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