Due to droughts and poor harvests, olive oil may run out in Europe in the fall

European olive oil prices soared to more than 7 euros per kilogram, from 4 euros per kg in September. An unprecedented situation which is mainly due to the drought and water stress which has particularly affected southern Europe for several months. Spain, which alone accounts for nearly 50% of world production, is on the front line and already fears a second poor harvest as European temperatures continue to rise. A widespread olive oil shortage is therefore already envisaged next fall. 850,000 tons produced compared to 1.3 million in normal times The International Olive Council predicts that Spain will produce 850,000 tons of olive oil in 2023 compared to 660,000 tons last year, which was the worst year for ten years. But that was without taking into account the prospects of an unprecedented heat wave which should particularly affect Europe this summer. Moreover, in a “normal” year, the country is able to produce 1.3 million tons of oil. The industry has already been in crisis ...