High Price of Extra Virgin Olive Oil in Spain Due to Global Shortage

Global olive oil production is usually around 3.2MMT, but this campaign, which is considered a transition campaign, is not expected to exceed 2MMT. As a result of the shortage, the sale prices for extra virgin olive oil are high, ranging around USD 5.63/kg EXW versus USD 3.51/kg EXW in 2022. These price levels have affected demand, which is 15-20% less than in 2022, but not in a pronounced way, due to good demand from emerging markets such as the US, Canada, and Japan.