Europe's olive oil crisis and its effects on Turkey

Olive harvest continues at full speed. Production, quality, cost, labor problems and many other issues are not even brought to the agenda. The only topic on the agenda is oil prices. Increases in olive oil prices have been discussed for months. Why does the price of a product increase? Reasons such as increase in production costs, decrease in production, increase in demand for the product and similar reasons can be listed. From Türkiye's perspective, cost increase stands out among these factors. In terms of production, 2022 was a year of record production. In 2023, there is an average production even though it is a "no year". One of the important factors in the price increase is the increase in foreign demand. The demand for olive oil in Turkey increased due to the production crisis in the world's largest olive oil producer, Spain, and the second-ranked Italy. Additionally, when oil prices increased in these countries, they also increased in Turkey. To understand the issue better, ...