Why is olive oil 17 times more expensive than oil in Mediterranean countries?

The outbreak of bad weather and cyclones resulting from climate change in the Mediterranean countries has led to an increase in olive oil prices to high levels. And the worst thing is that, according to the Economist, de-escalation of the situation is not expected. It is noted that olive oil has become 17 times more expensive than oil. According to The Economist's data on prices in countries without their own production, olive oil has become a luxury item. And it tends to become a "privilege of the few", even for those living in the Mediterranean. Prices hit a record high in September, jumping 117% year on year, according to the International Monetary Fund. The cost of olive oil quickly became 17 times higher than the cost of crude oil. In 2019, note, the price was seven times cheaper. Olive oil was the mainstay of the Mediterranean diet. Spain remains the world's largest producer, followed by Greece and Italy. Olive oil production in the Mediterranean covers 70% of international ...