The oil market readjusts with the drop in production and consumption in Spain
Olive Oil
Spain
Published May 1, 2023
Tridge summary
The expected drop in olive oil production in Spain due to the drought and the rise in prices has been followed by a drop in sales that confirms the predictions of a sector that is seeing readjustments in the market.
Original content
The latest data from the National Association of Industrial Packers and Edible Oil Refiners (Anierac) reflect 23% less sales in the first quarter of the year and 14% less in the first six months of the campaign. "Everything is a consequence of the lack of product", assures Efeagro the president of the oil sector of Cooperativas Agroalimentarias Rafael Sánchez de Puerta, who insists on the interconnection of these three variables: availability, market outlets and prices. THE KEY IS IN THE PRICES In his opinion, the only way to reduce sales is through prices, because consumption cannot be maintained when olive oil production will foreseeably fall by 50% this season, to around 680,000 tons. The price at origin of olive oil has not stopped growing in recent months to the current 5.4 euros per liter, according to the Poolred and Infooliva information systems. Sánchez de Puerta considers that the drop from 10 to 5% of VAT on oil, in force since January, "has come to nothing", although ...
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