Challenges Loom for Spanish Olive Oil Sector in 2023/24 Campaign Due to Limited Supply

The Spanish olive oil sector remains under pressure due to the forecast of limited availability for the 2023/24 campaign due to adverse weather conditions and a significant decline in main producing areas, particularly in Andalusia. Andalusia is expected to experience a reduction of around 50% in olive oil production. In W37, olive oil prices range from approximately USD 8.00/kg to USD 9.06/kg EXW Spain. There are forecasts indicating that prices may rise to around USD 12.80/kg or even higher in the spring.