OLIVE OIL PRICES SKY HIGH DUE TO DROUGHT IN SPAIN

Spain, the world’s largest olive oil producer, experienced a drought at the worst possible time last year.

The extremely high temperatures hit the country’s olive-growing area during the spring of 2022 and it has had a major impact on the country’s olive oil production as well as the world’s needs as Spain supplies 40% of the world’s olive oil output.

Other countries that were also hit hard by the drought are Italy and Portugal. They are the second and fourth biggest producers of olive oil respectively.

Greece, the European Union’s third biggest producer, was not affected by the weather conditions. Its production is expected to improve as it possibly becomes the world’s number one olive oil producer in the EU this year.

Official estimates from the European Commission have shown that prices are pushing up which means olive oil across the world will soon be higher than usual.

News24 reports that the Spanish exporters’ association, Asoliva estimates there will be at least 10% less olive oil available worldwide this year from the 3.1 million tonnes produced in the season ending in 2021.

Image credit: SUR