Olive Council forecasts significant decline in the global olive oil production

The International Olive Council (IOC) estimates global olive oil production will hit a six-year low in the 2022/23 crop year, with output expected to reach 2.73 million tons. Recently-published IOC data indicate that the world will produce 18 percent less olive oil this year than in the 2021/22 crop year total of 3.40 million tons. Furthermore, yields are 12 percent below the rolling five-year average of 3.14 million tons. Precipitous drops in Western Europe and North Africa have fueled the significant decline. The eight main producing countries of the European Union combined to produce 1.50 million tons of olive oil, well below the 2.27 million tons of last year and 2.17 million ton average of the past half-decade. Spain experienced the most significant decrease, with production falling to 780,000 tons, the lowest since the 2012/13 crop year. Producers largely blamed high temperatures that damaged trees at the blossoming time and the effects of the unprecedented drought that ...