The world reserves of olive oil reached a historically low level of 0.77 million tons by the beginning of the 2023/24 season, due to weak production volumes in the previous agricultural year. The key olive oil producing region in Spain experienced a significant reduction, with only 0.77 million tons compared to 1.62 million tons the year before. Experts predict that the low production levels will continue into the new season, resulting in a further decrease in the total supply of olive oil and a decline in global export supplies. Additionally, the temporary ban on olive oil exports by Morocco, Syria, and Turkey will also contribute to the limited supply. As a result, high prices for olive oil are expected to persist in the European Union, making it less affordable for EU residents. This increase in prices is attributed to a drop in production and insufficient reserves caused by negative weather events.
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Original content
By the beginning of the 2023/24 season, world reserves of olive oil had dropped to a historically low level of 0.77 million tons. This assessment was published by specialists from the Hamburg analytical agency OilWorld (Germany) in their report. They note that the carryover of the product sank due to extremely weak production volumes of olive oil in the last agricultural year - 2.78 million tons versus 3.66 million tons in 2021/22 MY. “Including a significant reduction occurred in the key olive oil producing region in Spain – to 0.77 million tons (1.62 million tons a year earlier),” the experts specified. They also expect that in the new season, product output will remain at a low level - 2.77 million tons, incl. 0.9 million tons in Spain. “Thus, the total supply of olive oil in the 2023/24 season will decrease even further - to 3.54 million tons (in the previous MY - 3.82 million tons), and global export supplies will decline,” experts are confident. According to OilWorld ...
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