Noticias

World olive oil reserves are at a minimum

Aceite de oliva virgen
Marruecos
Market & Price Trends
España
Publicado 11 de oct. de 2023

Resumen de Tridge

The world reserves of olive oil reached a historically low level of 0.77 million tons by the beginning of the 2023/24 season, due to weak production volumes in the previous agricultural year. The key olive oil producing region in Spain experienced a significant reduction, with only 0.77 million tons compared to 1.62 million tons the year before. Experts predict that the low production levels will continue into the new season, resulting in a further decrease in the total supply of olive oil and a decline in global export supplies. Additionally, the temporary ban on olive oil exports by Morocco, Syria, and Turkey will also contribute to the limited supply. As a result, high prices for olive oil are expected to persist in the European Union, making it less affordable for EU residents. This increase in prices is attributed to a drop in production and insufficient reserves caused by negative weather events.
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.

Contenido original

“Including a significant reduction occurred in the key olive oil producing region in Spain – to 0.77 million tons (1.62 million tons a year earlier),” the experts specified. They also expect that in the new season, product output will remain at a low level - 2.77 million tons, incl. 0.9 million tons in Spain. “Thus, the total supply of olive oil in the 2023/24 season will decrease even further - to 3.54 million tons (in the previous MY - 3.82 million tons), and global export supplies will decline,” experts are confident. According to OilWorld (Germany) analysts, the supply of olive oil in MY 2023/24 will also be limited, since the authorities of Morocco, Syria and Turkey have decided to temporarily ban the export of the product. At the same time, high prices for olive oil will remain in ...
Fuente: Milknews
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