Olive oil reserves in the world are at an all-time low

Published 2023년 10월 15일

Tridge summary

Olive oil reserves for the 2023/24 season are at a historically low level of 0.77 million tons due to high demand and low production. Spain, the largest producer of olive oil, experienced a significant reduction in output. The tight supply and increasing prices are also a result of the spread of the Xylella fastidiosa bacterium, which poses a threat to olive plantations in Spain and Greece, potentially leading to a further increase in the cost of olive oil for consumers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to Oil World estimates, the world's transitional reserves of olive oil in FY 2023/24 have decreased to a historically low level of 0.77 million tons. This situation is due to high demand and extremely low level of production in the 2022/23 season - at the level of 2.78 million tons compared to 3.66 million tons in the 2021/22 FY. In particular, a significant reduction occurred in the key producer of olive oil in Spain - to 0.77 (1.62) million tons, reports agroreview. Follow the news in a convenient format: Follow us on Twitter At the same time, in FY 2023/24, oil production is expected to remain at a low level and amount to 2.77 million tons (in Spain – 0.9 million tons). Thus, the total supply of olive oil in the 2023/24 season will decrease even more - to 3.54 million tons (in the previous MR - 3.82 million tons), and world export supplies will decrease even more. Overall, analysts expect olive oil export supply to remain fairly tight in FY2023/24, under pressure as ...

Source: Landlord