Due to a second year of drought in southern Spain, the country's olive oil production in 2023/24 is expected to be below average, leading to high prices for the product in the European Union. Spain, the largest global producer of olive oil, typically supplies about 40% of the world's production, but last year's heat wave and prolonged drought affected the olive harvest. The Ministry of Agriculture reports that olive oil production in Spain for the upcoming season is projected to be 765.3 thousand tons, a third below the average of the past four years.