USDA has lowered its forecast for global olive oil production due to crop failure in the Mediterranean
Published Sep 14, 2023
The US Department of Agriculture has reduced its estimate for global olive oil production due to a poor harvest in the Mediterranean caused by dry weather. Production for the upcoming agricultural year is expected to be a quarter less than last season and the five-year average. The decrease in production has led to a surge in olive oil prices, which have exceeded previous records and are expected to remain high, especially if adverse weather conditions continue to affect the harvest.
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Moscow. September 13. INTERFAX.RU - The US Department of Agriculture has lowered its estimate of global olive oil production amid a poor olive harvest in much of the Mediterranean due to extremely dry weather. Now production in the 2022-2023 agricultural year (October-September) is expected to be 2.49 million tons (previous forecast - 2.59 million tons), which is a quarter less than last season and the five-year average, the review says US Department of Agriculture. Last season, global olive oil production was 3.31 million tons. In addition, the US Department of Agriculture lowered its production forecast for the 2023-2024 agricultural year - to 2.94 million tons from 3.25 million tons. World prices for olive oil exceeded $8.9 thousand per ton against the backdrop of a supply shortage, surpassing the previous record ($6.24 thousand in 1996), and show no signs of declining. In August, the average price was 2.3 times higher than a year earlier. Prices have risen steadily since the ...