Russia: Olive oil prices to halve in November-January

Published 2024년 11월 18일

Tridge summary

Olive oil prices are anticipated to drop significantly to around 5 euros per liter in the coming months, as reported by Deoleo, the largest olive oil producer globally. This decrease is due to increased production and high-quality olives, with a notable rise in olive harvests expected in major producing countries such as Spain, Greece, and Tunisia for the 2024-2025 season. Spain, which accounts for 40% of the global market, is set to nearly double its oil production to 1.3 million tons. Previously, droughts had driven prices up to 9.2 euros per liter in January, but they have since fallen by 35% to approximately 6.33 euros.

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

Original content

Olive oil will almost halve in price in the coming months, to about 5 euros per 1 liter. This forecast was given by the world's largest olive oil producer, the Spanish company Deoleo (brands Bertolli, Carbonell, Carapelli), CNBC writes. The price reduction is due to increased production and the very high quality of olives, says Kyle Holland, senior oilseed market observer at the analytical company Expana. In the 2024-2025 season, the olive harvest will increase significantly in key producing countries - Spain, Greece and Tunisia. In Spain, which accounts for 40% of the world market, oil production is expected to almost double - to 1.3 million tons against 670,000 tons in the 2023-2024 season. There has been a drought in olive oil producing countries for two years in a ...

Source: Milknews