Greece's olive oil production is expected to fall significantly this year, with yields projected to be between 150,000 and 170,000 tons, the lowest in six years, due to poor weather and pest issues. This is a substantial decrease from last year's harvest of around 340,000 tons. The quality of the oil has also been impacted, with only 70% of the freshly pressed oil being classified as extra virgin. Despite the high quality, the rising price of extra virgin olive oil, reaching €10.00 per kilogram in Laconia, could make it a luxury product. The domestic market is currently stagnant, with producers holding onto their limited stocks in anticipation of further price increases.