Olive oil reserves in the world are at an all-time low
Aceite de oliva virgen
Market & Price Trends
Aceite y grasas
Publicado 16 de oct. de 2023
Resumen de Tridge
Olive oil reserves for the 2023/24 season are at a historically low level of 0.77 million tons due to high demand and low production. Spain, the largest producer of olive oil, experienced a significant reduction in output. The tight supply and increasing prices are also a result of the spread of the Xylella fastidiosa bacterium, which poses a threat to olive plantations in Spain and Greece, potentially leading to a further increase in the cost of olive oil for consumers.
Limitación de responsabilidad: el resumen anterior ha sido generado por un modelo de lenguaje de gran tamaño (LLM, por sus siglas en inglés) de última generación y está pensado para utilizarse únicamente con fines informativos. Se recomienda que consulte el artículo original para obtener información precisa y contextualizada.
In particular, a significant reduction occurred in the key producer of olive oil in Spain - to 0.77 (1.62) million tons, reports agroreview. Follow the news in a convenient format: Follow us on Twitter At the same time, in FY 2023/24, oil production is expected to remain at a low level and amount to 2.77 million tons (in Spain – 0.9 million tons). Thus, the total supply of olive oil in the 2023/24 season will decrease even more - to 3.54 million tons (in the previous MR - 3.82 million tons), and world export supplies will decrease even more. Overall, analysts expect olive oil export supply to remain fairly tight in FY2023/24, under pressure as the governments of Morocco and Syria announced bans on olive oil exports to reduce high domestic prices. It should be noted that at the beginning of August, Turkey also announced a ban on the export of the product. Read also: Europe is preparing for a shortage of olive oil It will be recalled that the world prices for olive oil are rapidly ...