Olive Oil Exports Experience Sharp Decline by 69% in Three Months

Olive Oil Will Rise Sharply Due to Drought in Spain

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According to experts of the European Commission, the ongoing drought in Spain will lead to a twofold reduction in olive oil production in the region this year. It is reported by Reuters. The country is the world’s largest supplier of this product, therefore, against the background of a decrease in its production, a significant increase in world prices is expected.

“It’s a disaster,” said Primitivo Fernandez, head of the National Association of Edible Oil Producers. He drew attention to the impact on the market not only of the drought, but also of the economic crisis.

“Every day that passes without rain, the forecasts are getting worse,” added the world’s largest olive oil producer cooperative DCOOP.

The lack of rain has already affected Italy and Portugal, where oil prices have already risen markedly. Greece suffered the least in Europe from adverse weather conditions, but the region will not be able to fully offset the decline in production in the olive sector of Spain.

According to industry groups and local businesses, prices for bottled olive oil in Spain soared by about 60% last year. At the same time, a liter of the product of the first pressing is now sold in the country more expensive than € 7, although in February last year its cost was below € 5

.”Rising prices led to a decrease in sales of olive oil in Spain by 8% year on year,” analysts at the consulting company Nielsen said.

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