Drought and Heat cut Olive Oil Output in half in Spain and Southern Europe, Raising Prices and Forcing Import Reliance
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Spain, world's largest olive oil producer, struggling to meet demand due to drought and heatwaves reducing output by 50%
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Italy and Portugal also seeing climate-related drops in production, leading to global supply shortfalls
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Prices rising sharply in Europe and reverberating worldwide, with countries like Turkey imposing export bans
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Countries in MENA region ramping up production to help fill the gap, with opportunities for exports
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Global olive oil market still projected to grow steadily in coming years due to health benefits driving demand