No improvement is expected either, because the drop in production is huge, mainly due to the drought in Spain. The European Union's forecast predicts a dramatic decline and a consequent large price increase. The total amount of olive oil produced in the European Union in the 2022-2023 agricultural season was 2,272 tons, and only 1,120 tons can be expected in the following 2023-2024 season. The reason is climate change, which primarily means drought in Spain, the largest EU olive oil producing country, but also in other southern European member states. Because if there is no rain, there is no olive oil. In Spain, it was already 40 degrees in April, and there was hardly any rain. "The situation is critical," admits Walter Zanre, CEO of the leading olive oil brand Filippo Berio, who said that "prices have risen by 23 percent in one year. The situation will not improve until 2025, further price increases are expected," he added, and justified his pessimism: "We are getting all bad ...
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