USDA forecasts decrease in global olive oil production output

The global olive oil production output is predicted to be lower by 3% in the upcoming crop year compared to the previous. The forecast is to have 3.03 million tons in the upcoming crop year versus 3.12 million tons last year.
The main decrease in the production output is expected to be in the European Union, except for Spain. Spain is expected to have a record-breaking production yield of pressed oil exceeding 1.8 million tons versus the yield of 1.2 million tons last year.
Turkey and Tunisia are predicted to have lower production yield while Morocco is expected to have a higher production yield in the upcoming harvest period.