Declines in global olive oil production in 2023-2024 despite improvement in the EU

Olive Oil

Syria

Portugal

Published Dec 28, 2023

Tridge summary

The International Olive Council predicts that global olive oil production will decrease by 6.3% in the 2023-2024 campaign, with decreases in Turkey and Syria, and slight improvements in the European Union, Tunisia, and stable production in Morocco. The European Union is expected to see a slight improvement in production, particularly in Spain, but overall consumption will exceed production for the second consecutive year, leading to a reduction in stocks. The demand for olive oil is forecasted to decrease in the 2023-2024 campaign, mainly due to declines in the European Union, Turkey, and Morocco, while the United States' consumption will remain stable.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

World olive oil production could reach 2,407 million tons in the current 2023-2024 campaign, according to the first estimates of the International Olive Council (IOC). This figure would represent a drop of 6.3% compared to that obtained in the previous one, despite the slight improvement expected in the European Union. The drop will mainly be due to the decrease in planned production in Turkey, as well as in Syria. Tunisia will improve its figures compared to last year and those of Morocco will remain stable. Regarding the European Union, a slight improvement is expected compared to the short production of last season. This improvement would be a consequence of an increase of about 100,000 tons in Spain (although it is still a production marked by drought and much lower than the average of previous years) and the increase also expected in Italy and Portugal. On the contrary, in Greece it will be shorter. For the second consecutive campaign, if the IOC forecasts are met, ...

Source: Agropopular