Prices of extra virgin olive oil are at record highs. These are the data of the International Monetary Fund (IMF). According to its information, in April quotations reached $6,269.63 per ton, which is 46% higher than a year earlier.

The company Filippo Berio of New Jersey, one of the world’s largest producers of olive oil, said that the last season was “record hard” because the olive crop was the lowest in 30 years, writes Barron’s.

Last year’s drought in Spain, which accounts for about 40% of global production of olive oil, also contributed to the price increase. The summer of 2022 in Spain was a record hot and one of the driest in history.

According to the forecast of the Ministry of Agriculture of Spain in March, the olive harvest in the current season will receive only about 680 thousand tons of olive oil at an average of 1.37 million tons over the past five years, notes the publication Olive Oil Times.

Spain has turned to the European Union for emergency resources to help farmers. In Italy, olive harvests are also a cause for concern.

Studies by Spanish and Portuguese scientists show that climate change could seriously hamper olive cultivation in key production regions, Barron’s notes.

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