World reserves of olive oil have dropped to record levels
Olive Oil
Syria
Published Oct 11, 2023
Tridge summary
Global reserves of olive oil have reached a historic low of 770 thousand tons, according to a report by German analytical agency OilWorld. This decline is attributed to weak production volumes in the previous agricultural year, particularly in Spain. Experts predict further reductions in oil supply due to exchange rate duties and temporary export bans imposed by Morocco, Syria, and Turkey, leading to higher prices and reduced availability in the European Union.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Global reserves of olive oil by the beginning of the 2023-24 agricultural year (for oilseeds begins every September of the calendar year) dropped to a historically low value of 770 thousand tons. The OleoScope news agency writes about this with reference to a report by the German analytical agency OilWorld. The reason analysts cited was the extremely weak production volumes in the last agricultural year - 2.78 million tons, which is 880 thousand more than in 2021-22. The main reduction occurred in the largest producing country of the product – Spain. Production there amounted to the same amount as total carryovers. This is much lower than a year earlier – 1.62 million tons. Manufacturers of two oils will suffer from exchange rate duties - OleoScope In this regard, experts expect a reduction in the total supply of oil in the current agricultural season (the same as the agricultural year - ROSNG) to decrease even more - to 3,054,000 tons or 280,000 more than in the previous one. ...
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