Olive oil reserves in the world are at an all-time low
Olive Oil
Syria
France
Published Oct 16, 2023
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 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
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 ...
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