Extreme Weather Decimates Olive Harvests, Sparking Global Olive Oil Shortage and Price Spike
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Extreme weather like wildfires and droughts have severely damaged olive harvests across Europe, leading to acute shortages of olive oil.
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Spain, which provides half the world's olive oil, has only 115,000 metric tons left in stock, compared to monthly usage of 60,000 tons.
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With local supplies running out, European countries are now importing olive oil from South America.
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Global olive oil production is forecast to halve to 2.4 million metric tons this year, well below demand of 3 million tons.
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Olive oil prices have quadrupled compared to 2020, surpassing previous records and leading to major thefts, but farmers' incomes are still suffering from drought impacts.