Olive oil theft in Spain soars as organized gangs target liquid gold

Olive Oil

Spain

Market & Price Trends

Innovation & Technology

Published Mar 11, 2024

Tridge summary

Spain is experiencing a surge in olive oil theft due to increased demand and prices, making it the most shoplifted product in the country. The rise in prices is attributed to extreme weather, drought, and the Xylella fastidosa bacterium affecting olive oil production, which is expected to fall globally by 18% this year. Some thieves are suspected to be part of a criminal ring reselling the oil on the black market. To counter this, shops have started chaining bottles together and installing security alarms. Similar incidents of olive theft have been reported in Greece and there have been cases of fraudulent dilution of extra virgin olive oil with cheaper vegetable oils.

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

Bologna, Italy: Supermarkets across Spain are reporting increasing thefts of olive oil as demand and prices for “liquid gold” have surged in the Mediterranean. According to the Financial Times, olive oil is now the most shoplifted product in Spain’s most populous regions, surpassing traditionally sought-after items for petty thieves such as razor blades, alcohol and ham. Some of the perpetrators are believed to be part of a criminal ring that has discovered a profitable fraud reselling olive oil, sometimes adulterated or diluted, on the lucrative global black market. Extra virgin olive oil, a staple in the Mediterranean diet, used to be commonly found for around €5 a litre ($8.28) but now can cost up to €20. Extreme weather, drought and the ongoing battle against the Xylella fastidosa bacterium that has been ravaging olive groves for the last decade, have all affected olive oil production. Global production is expected to fall this year to 2.4 million tonnes, down 18 per cent on ...

Source: Watoday