Olive crop failure in Europe will increase demand for sunflower oil from Russia

Published 2022년 8월 8일

Tridge summary

Due to abnormal heat and drought in Europe, the global olive harvest is predicted to decrease by 11% in the 2022/23 marketing year, leading to a shortage of olive oil. This situation is expected to boost the demand for Russian sunflower oil, with the drought affecting not only olive crops but also other oilseeds. Mikhail Charny, a leading expert at the FoodNet working group of the National Technology Initiative (NTI), has pointed out that the recovery from this deficit is likely to be slow due to the nature of olive trees as perennial plants.

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Original content

Demand for Russian sunflower oil on the world market may grow against the backdrop of abnormal heat and drought in Europe, which will most likely lead to a reduction in the olive harvest and, accordingly, some shortage of olive oil. This was stated by RIA Novosti leading expert of the FoodNet working group of the National Technology Initiative (NTI) Mikhail Charny. For example, analysts from the United States Department of Agriculture (USDA) predict that in the 2022/23 marketing year, global olive production will decrease by 11%, to 2.9 million tons. “You have to understand that the drought hit not only olive crops, but all oilseeds in general. And in this situation, those sunflower reserves that Russia has will now be in great demand both in the form of seeds and in the form of a finished product,” Charny believes. The expert also singled out another "extremely negative factor": according to him, in a number of regions of traditional cultivation, olive ...

Source: Oilbranch