Oil prices rise amid uncertainty about the next harvest due to lack of rainfall

The olive oil campaign officially ends on the 30th and the sector predicts, if there is no rain in October and November, that the next harvest will be shorter than expected and begin with a reduced volume of stocks, which could translate into a new price increase at origin. The State Meteorological Agency (Aemet) warned last Wednesday of the "yellow" alert in oil-producing provinces such as Jaén, Córdoba, or Seville due to high temperatures, up to 38 degrees. "Climate change is having a dramatic effect on the olive grove, because we are experiencing six-month summers," lamented Rafael Sánchez de Puerta, general director of the Dcoop cooperative, the world's largest producer of olive oil, with an average of nearly 200,000 tons annually. "In July and August we know it is hot and there is no rain, but September and October are the months when the olive tree has to recover and produce the oil," he explained. From the Interprofessional of Olive Oil of Spain, its managing director, ...