Spain, which supplies half of the world’s olive oil, has seen a considerable drop in production compared to last year. The Spanish government’s olive oil report for August revealed dwindling supplies, raising concerns about future availability.
Recently, the U.S. Department of Agriculture revised its global olive oil production estimate. The new estimate is 25% lower than the previous year and the five-year average. This decrease in production has further contributed to the high prices of olive oil.
According to the agency, olive oil prices in August were 130% higher compared to the previous year. The future of olive oil production appears grim due to climate change and its impact on extreme weather conditions.
Mintec analyst Kyle Holland warned that if the current pace of depletion continues, olive oil supplies could be exhausted before the arrival of fresh harvests, which typically occur in Spain around October.
Unfortunately, the situation for the upcoming olive oil season doesn’t look promising either. The drought and lack of water in Spain over the past months have raised concerns. Additionally, recent storms have damaged the upcoming harvest in Apulia, Italy’s most important olive oil production region. Italy is the second-largest olive oil producer globally.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
