Spain: Olive oil, next affected by the invasion of Ukraine after sunflower oil

Published Mar 9, 2022

Tridge summary

Due to the war in Ukraine, which supplies over 60% of Spain's sunflower oil, the country is facing a shortage, prompting supermarkets to ration the product. As a result, olive oil, being the world's leading producer with 45% share, is being considered as an alternative. However, experts warn of a potential olive oil shortage if the war persists and the next production is expected to be poor due to drought. The war has also worsened existing issues such as poor forecasts and increased production costs, leading to a price hike. This is anticipated to harm the sector in the long term. The situation is expected to benefit the cheaper varieties of olive oil in Spain.

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

Original content

The lack of sunflower oil due to the war in Ukraine, a country from which Spain imports more than 60% of this product, has focused on olive oil as a substitute, which has increased its prices at origin and has already led some experts to warn of its shortage if the war continues. The large supermarket chains have begun this week to ration sunflower oil due to the increase in purchases that consumers were making in anticipation that it may be missing, and also due to the shortage of a product that is widely used wholesale in the restoration and preserves. From the oil sector and also from the Government, it has been highlighted that Spain is lucky to be the first producer of olive oil in the world, with 45%, and that this fat can alleviate the lack of sunflower. Spain only consumes a third of the olive oil it produces internally (the rest is exported), and the normal amount to put on the final market is about 190,000 tons. If the lack of sunflower oil caused the consumption, as a ...

Source: Diariodesevilla