World reserves of olive oil have dropped to record levels
Aceite de oliva virgen
Market & Price Trends
Aceite y grasas
Publicado 11 de oct. de 2023
Resumen de Tridge
Global reserves of olive oil have reached a historic low of 770 thousand tons, according to a report by German analytical agency OilWorld. This decline is attributed to weak production volumes in the previous agricultural year, particularly in Spain. Experts predict further reductions in oil supply due to exchange rate duties and temporary export bans imposed by Morocco, Syria, and Turkey, leading to higher prices and reduced availability in the European Union.
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.
The reason analysts cited was the extremely weak production volumes in the last agricultural year - 2.78 million tons, which is 880 thousand more than in 2021-22. The main reduction occurred in the largest producing country of the product – Spain. Production there amounted to the same amount as total carryovers. This is much lower than a year earlier – 1.62 million tons. Manufacturers of two oils will suffer from exchange rate duties - OleoScope In this regard, experts expect a reduction in the total supply of oil in the current agricultural season (the same as the agricultural year - ROSNG) to decrease even more - to 3,054,000 tons or 280,000 more than in the previous one. They also expect that the supply of the product will remain limited later in the agricultural year due to the introduction of temporary export bans by the authorities of Morocco, Syria and Turkey. They also expect that high prices for olive oil will remain in the ...